Charles Dayan pays $85M for failed LIC apartment building

July 03, 2013 03:30PM

Two years after the owners of a 130-unit Long Island City apartment building defaulted on the mortgage, real estate investor Charles Dayan is picking up the property for roughly $85 million, Crain’s reported.

The building, located at 41-17 Crescent Street, will pass into Dayan’s hands from a partnership between Simon Development Group and Meadow Partners, who took control of the property in 2012.

Brokers Adam Spies and Doug Harmon of Eastdil Secured arranged the sale.

The firm NCF Equities, which originally constructed the building, fell into default before completion. Citibank then sold the mortgage to Simon and Meadow Partners in 2011 for $51 million.

Dayan has the choice to operate the property as is, or convert the units into condominums and sell them off accordingly. His other recent successes include a 2011 sale of 620 Sixth Avenue – a 700,000-square-foot Midtown South office building – for more than $500 million to RXR Realty. [Crain’s]Julie Strickland