Private equity giant Fortress Investment Group sold 58 separate units at its Sheffield condo tower to RSP Companies for $25.25 million – more than the $20 million it spent to acquire the Midtown building at a foreclosure auction in 2009.
Fortress closed on the sale of the units, at 322 West 57th Street in Midtown, to Columbus Circle-based RSP Companies on Aug. 20, according to property records filed with the city Friday. Of the 58 units, seven are designated for storage.
Neither Fortress nor RSP could be reached for comment, but sources with knowledge of the transaction said the units in question are rent-stabilized holdovers from the Sheffield’s time as a rental building and that RSP could sell them as condos as they are vacated. [more]