Sales Deals of the Week: NYC Luxury Condo Developer’s Dream Dies
The top investment sales from April 15 to April 19
By The Editors April 19, 2024 6:00 am
reprints
Take your sunglasses off for this week’s deal sheet. A distressed development site near Manhattan’s High Line sold for $87.4 million, leaving the seller, Casco Development, drowning in debt. And a Miami Beach office building known as The Lincoln changed hands for at a discount two years after a deal that would have valued it $30 million higher fell through. Plus, a new owner-occupier has joined the chat, but it’s not a conspiracy.
| Amount | Address | Buyer | Seller | Brokers | Asset |
|---|---|---|---|---|---|
| $87.4 million | 540 West 21st Street; Manhattan | Legion Investment Group | Casco Development | N/A | Development site |
| $62.5 million | 1691 Michigan Avenue; Miami Beach, Fla. | Black Lion | Clarion Partners | Newmark’s Jeremy Hakala, Clay Sidner and Brandon Shores represented Black Lion. CBRE’s Christian Lee and Sean Kelly represented Clarion. | Office |
| $31 million | 129 West 29th Street; Manhattan | New Tang Dynasty | Samson Management | N/A | Office |
| $12.4 million | 3047 Biscayne Boulevard; Edgewater, Fla. | Grupo Frali | 3-H Group | Apex Capital Realty’s Francisco Rodriguez and Ovy Anghel | Development site |
Sales Deals of the Week reflect deals closed or announced from April 15 to April 19. Information on sales can be sent to editorial@commercialobserver.com.
129 West 29th Street, 1691 Michigan Avenue, 3047 Biscayne Boulevard, 540 West 21st Street, Brandon Shores, Christian Lee, Clay Sidner, Deals of the Week, Francisco Rodriguez, Jeremy Hakala, Ovy Anghel, Sean Kelly, 3-H Group, Apex Capital Realty, Black Lion, Casco Development, Grupo Frali, Legion Investment Group, New Tang Dynasty, Samson Management
