APF Properties Sells Midtown Development Site for $67M to Unknown Buyer

APF Properties has sold off a development site in Midtown that had previously been facing foreclosure, according to city records made public Thursday.

APF, through the entity 24 West 57 APF, has sold its 110,000-square-foot property at 24 West 57th Street to the limited liability company 2457 Acquisition for $67.2 million, records show. The site currently contains two old office buildings with ground-floor retail space, part of which is leased by Riflessi, a luxury men’s clothing store.

It’s unclear who’s behind the 2457 Acquisition entity. Real estate attorney Mark Meland signed for the unknown buyer, while the LLC registered with the law firm DLA Piper to complete the purchase, according to records. Kenneth Aschendorf, a founder of APF, signed for the seller.

Eastdil Secured’s Gary Phillips and Will Silverman brokered the deal, PincusCo reported. Phillips and a spokesperson for APF did not immediately respond to requests for comment.

The sale comes after some financial distress at the property in recent years.

Wells Fargo, the original lender on the property, began foreclosure actions at the Midtown site last year after claiming APF had defaulted on $50 million of an outstanding $60 million loan, PincusCo reported.

Then in October, Gary Barnett’s Extell Development bought the $50 million loan on the property from Wells Fargo, as Commercial Observer previously reported. A spokesperson for Extell did not immediately respond to a request for comment.

Extell’s loan has been paid off as part of the sale, a source with knowledge of the deal said.

The deal also comes after APF attempted in 2023 to offload the midblock site between Fifth Avenue and Avenue of the Americas for more than $80 million as part of a potential redevelopment of a stretch of 57th Street, according to The Real Deal.

Isabelle Durso can be reached at idurso@commercialobserver.com.