Possible Park Avenue South condo conversion site goes for $20M

July 07, 2011 06:21PM

A mixed-use residential and retail building at 220 Park Avenue South has been sold for $20 million, and the new owners are seeing condominiums in its future, according to Real Estate Weekly and the Observer. The 33,638-square-foot building, whose price works out to $595 per square foot, currently houses 37 rental units and the sushi restaurant Haru. The buyers, father-and-son-team Bijan and Danny Nassi, of BDN NY Management, told Real Estate Weekly than they will renovate the lobby for now, and that a condo conversion would be at least five years off. Danny Nassi’s half-brother is Craig Nassi of BCN Development, who owns the nearby prewar office tower at 315 Park Avenue South and is currently seeking either a buyer or a joint venture partner for the property. Peter Von Der Ahe of Marcus & Millichap, who brokered the deal with colleague Joe Koicim, told the Observer that the building is ripe for “many future redevelopment opportunities,” noting that new condos in the area have recently commanded above $1,300 per square foot. The seller of the building was Gramercy Park Mews Partnership LLC, which is owned by Gino Colleo. [REW] and [NYO]