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

New York /
Jul.July 07, 2011 06:21 PM

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]


Related Articles

arrow_forward_ios
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
250 Park Avenue and IWG CEO Mark Dixon (Google Maps, IWG)
IWG to open 58K sf co-working site on Park Ave
IWG to open 58K sf co-working site on Park Ave
Lacey Tisch nabs Steve Mnuchin’s co-op after one last price chop
Lacey Tisch nabs Steve Mnuchin’s co-op after one last price chop
Lacey Tisch nabs Steve Mnuchin’s co-op after one last price chop
Marcus & Millichap reports record-high quarterly revenue, earnings
Marcus & Millichap reports record-high quarterly revenue, earnings
Marcus & Millichap reports record-high quarterly revenue, earnings
Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
Steven Mnuchin’s $26M home finally finds a buyer
Steven Mnuchin’s $26M home finally finds a buyer
Marcus & Millichap CEO Hessam Nadji and Mission Capital principal David Tobin (Photos via Marcus & Millichap; Mission Capital)
Marcus & Millichap inks deal to buy Mission Capital Advisors
Marcus & Millichap inks deal to buy Mission Capital Advisors
Mission Capital principal David Tobin and Marcus & Millichap president and CEO Hessam Nadji
Marcus & Millichap to acquire Mission Capital Advisors
Marcus & Millichap to acquire Mission Capital Advisors
Marcus & Millichap CEO Hessam Nadji
Marcus & Millichap CEO predicts “exodus” from cities to last two years
Marcus & Millichap CEO predicts “exodus” from cities to last two years
arrow_forward_ios

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

Loading...