Fisher Brothers wins Park Columbus for $48M

TRD New York /
Dec.December 15, 2010 12:18 PM
From left: Winston Fisher, a partner with Fisher Brothers, Park Columbus and Doug Harmon of Eastdil Secured

A joint venture between Fisher Brothers, BlackRock and a California pension fund won the 95-unit Upper West Side apartment building Park Columbus with a bid of $48 million in a bankruptcy auction this morning.

In March, embattled developer Yair Levy lost the building located at 101 West 87th Street that he had tried to convert to condominiums, in foreclosure to Garrison Residential Funding. The mortgage and other debts totaling $52.6 million will be wiped out once the closing occurs, court records show.

Fisher Brothers, a major Midtown-based commercial and residential property owner, partnered with investment firm BlackRock and California State Teachers Retirement System, to place the minimum bid in November. Winston Fisher, a partner with Fisher Brothers, declined to comment.

There were no bids following Fisher’s so-called stalking horse bid of $48 million, and so the court declared the company the winner, bankruptcy court records published today show.

The marketing process was handled by Doug Harmon and Adam Spies, senior managing directors at investment brokerage firm Eastdil Secured. Following a court order in June giving Eastdil the assignment, the firm sent sales information to 393 potential buyers. Among those, 36 toured the property after signing a confidentiality agreement. Fifteen bids were made on the property, and Eastdil negotiated the $48 million contract signed in November with Fisher Brothers, which was higher than what the other bidders offered. Eastdil declined to comment.

No other bidders attended the auction today, court records show.


Related Articles

arrow_forward_ios
6201 15th Avenue in Bensonhurst and 185 Claremont Avenue with BlackRock CEO Larry Fink (Google Maps; Fink by Eugene Gologursky/Getty Images for IRC)

Pandemic-proof, $29.5M deal for Brooklyn office building closes

Pandemic-proof, $29.5M deal for Brooklyn office building closes
1107 Dekalb Avenue (Google Maps)

Outer boroughs dominate mid-market deals last week

Outer boroughs dominate mid-market deals last week
Roy March, Eastdil Secured CEO

Eastdil Secured makes staffing cuts

Eastdil Secured makes staffing cuts
He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?

He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?

He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?
2 Grand Central and from left Rockwood Capital's Walter Schmidt, Robert Gray and Peter Falco (Credit: iStock)

Rockwood looks to get nearly $600M for Grand Central office tower

Rockwood looks to get nearly $600M for Grand Central office tower
Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

These were the biggest broker comings and goings of 2019
Jonathan Firestone (Photo credit: Eastdil Secured)

Top Eastdil broker in LA heads to NY to boost capital markets team

Top Eastdil broker in LA heads to NY to boost capital markets team
42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...