Printing House rental units slated for condo conversion in $70M deal

June 27, 2011 01:54PM

A group including Belvedere Capital Real Estate Partners and Angelo Gordon & Co. has agreed to pay approximately $70 million for the 105 rental units at the Printing House at 421 Hudson Street and plans to convert them into condominiums, the Wall Street Journal reported.

The West Village apartment building is already part-condo; seller Mountbatten Equities converted some of the units from commercial space three decades ago. The remaining units will now be vacated and renovated, with some possibly being combined.

As The Real Deal reported in April, the sale of the unsold Printing House units has been the subject of controversy for months. Taconic Investment Partners, which had at one time agreed to pay $77.25 million for the rental units, is suing Mountbatten for using the company as a “stalking-horse bidder” in an attempt to find a more lucrative deal. The company alleged that Mountbatten later moved onto another bidder — rumored at the time to be a joint venture including Angelo Gordon — after several weeks of negotiations.

According to the Journal, Taconic’s purchase price would have actually been higher than that of the Angelo Gordon group, but Mountbatten ultimately went with that latter because it will be able to retain a stake and a management role in the property under the terms of that deal.

The new developers have tapped Corcoran Sunshine Marketing Group to handle sales of the newly-converted condos, though they have not yet selected an architect for the project. [WSJ]