Tishman Realty Acquires Manhattan Condos for $87M
- May 26, 2021
Tishman Realty & Construction has acquired 70 residential condominium units at 505 W. 43rd St. in Manhattan’s Hell’s Kitchen neighborhood from developer Elad Group for $87.4 million.
BHI provided $60 million in financing for the acquisition—the first major bulk condominium sale in New York City since the pandemic.
Completed in 2019, the 16-story, 123-unit building located on West 43rd Street between 10th and 11th Avenues is also known as Charlie West. The units acquired total 76,897 square feet and included all of the remaining market-rate apartments in the building.
ODA Architects was the architect for the building and interiors were designed by Escobar Design. Mi & Co. Development was the builder. Apartment interiors feature open living rooms, floor-to-ceiling windows, wide-plank oak wood floors, marble en-suite bathrooms and stainless steel appliances. Amenities include an indoor/outdoor pool, rooftop terrace, fitness center, library, residents’ lounge, children’s playroom and bike storage.
Tishman tapped Corcoran Sunshine Marketing Group to handle the exclusive sales and marketing efforts for the 70 residences. Leading the sales efforts from The Corcoran Group are Norma-Jean Callahan and Richard Hottinger of the recently created Hottinger-Callahan Team and Shelley O’Keefe. Current available inventory ranges from studios to three-bedroom units with prices starting at $750,000. Five new model residences will be unveiled during the second quarter.
Upland Property Advisors represented the buyer and also arranged the acquisition financing through BHI, the U.S. division of Bank Hapoalim of Israel. BHI had also provided the construction financing for the project.
In a prepared statement, Ilana Druyan, BHI first vice president & head of International Originations Real Estate, described the property as “an extremely desirable building at affordable luxury price points.” She noted the Midtown West location continues to be one of the city’s fastest growing areas.
Upland Property Advisors founding partners Yoav Oelsner and Glenn Tolchin said in a separate statement there is strong investor interest in bulk condominium acquisitions, particularly in well-located new developments like Charlie West. But they noted lender release price restrictions and other workout issues have delayed many potential transactions.
“As sellers, buyers and lenders gain clarity on pricing and appropriate deal structures, we expect a pronounced increase in volume of bulk condominium transactions,” Tolchin said in prepared remarks.