(To read more on the multifamily market, click here.)
NEW YORK CITY-Brack Capital Real Estate–USA bought 15 Union Square West for $80 million. Amalgamated Bank sold the 81,000-sf, seven-story building.
Both buyer and seller were represented by Bill Shanahan, vice chairman and partner of CB Richard Ellis' Investment Properties Institutional Group.
Originally built in 1870 to house Tiffany and Co., the building will be transformed into ultra luxury condominiums and include a high-end retail component. Perkins Eastman Architects and designer Vincente Wolf will be part of the renovation team. The Corcoran Group will market the property. According to the release, the redesign will bring a contemporary flair to the building while recognizing its history and original architecture.
"15 Union Square will be woven into the urban tapestry of Union Square Park, evoking its colorful life and history. It will be one of the last great opportunities in New York City to own and live in a signature building with a view of this historic park and neighborhood," Moshe Azogui, CEO of Brack Capital, says in a release.
Brack Capital is currently renovating a number of New York City properties, including the landmark Hotel Olcott at 27 West 72 St., Element at 555 West 59 St., and the Chartwell House at 1760 Second Ave.
The Olcott has been transformed into residential condominiums that reflect the buildings original 1925 design. The condos in this building are selling between $845,000 (for a one bedroom) to $5.6 million (for three bedrooms), according to information on Corcoran's website.
Element is a ground-up condo project, expected to be completed during the summer of 2007. The Westside building will feature a variety of amenities such as three swimming pools, a basketball court and a yoga room. A one bedroom condo at Element is being sold for $975,000 while a three bedroom sells for $3.3 million.
In October another Union Square asset sold. As reported by GlobeSt.com the W Hotel Union Square sold for $285 million. Dubai-based Istithmar purchased the property, making it the company's fourth New York acquisition this year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
