Charles Dayan pays $85M for failed LIC apartment building

New York /
Jul.July 03, 2013 03:30 PM

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


Related Articles

arrow_forward_ios
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?
Goldman CEO David Solomon and 1 Flatbush Avenue (Credit: Michael Kovac/Getty Images; Hill West Architects)

Goldman reactivates real estate platform in NYC with big DoBro buy

Goldman reactivates real estate platform in NYC with big DoBro buy
Highgate Hotels’ Mahmood Khimji with the Gregory Hotel at 42 West 35th Street (Credit: Khimji via Sean Zanni/Patrick McMullan via Getty Images; Google Maps)

Pandemic ignites battle over unpaid wages at Manhattan hotel

Pandemic ignites battle over unpaid wages at Manhattan hotel
From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

These were NYC’s top office leases in October
1 Flatbush Avenue and the site at 570 Fulton Street (Credit: Google Maps)

Pair of DoBro properties up for sale by Slate, Meadow Partners

Pair of DoBro properties up for sale by Slate, Meadow Partners
275 Park Avenue in Brooklyn (Credit: StreetEasy)

“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals

“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals
295 Fifth Avenue with Tribeca Associates principals Elliot Ingerman and Bill Brodsky (Credit: Google Maps, LinkedIn)

Textile Building to get $300M overhaul

Textile Building to get $300M overhaul
100 South 4th Street in Brooklyn

Meadow Partners sells W’Burg rental
for $61M

Meadow Partners sells W’Burg rental
for $61M
arrow_forward_ios

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

Loading...