The Real Deal New York

Shalimar pays $7.5M above ask in purchase of $32M UES site

Charles Fridman's firm acquires East 60th Street property from Ronald McDonald House
By Hiten Samtani | May 07, 2014 12:52PM

Shalimar Management purchased a garage site ripe for conversion at 403 East 60th Street for $31.5 million – more than $7 million above the property’s $24 million asking price, according to property records filed with the city today.

The nonprofit Ronald McDonald House New York was the seller. Shalimar, an operator of rental properties in the city, is run by Charles Fridman.

The property is currently being operated as a 168-spot parking garage, but Shalimar can choose to convert it into a 56,641-square-foot residential property, a 45,192-square-foot commercial property or a 75,320-square-foot community facility, according to marketing materials from Massey Knakal Realty Services.

The deal was brokered by Massey Knakal’s Paul Massey, Clinton Olsen and Ax Hayssen, who didn’t immediately respond to requests for comment.

Shalimar recently sold five lots in Soho to high-flying broker-turned-developer Michael Shvo, as part of a deal that will let Shvo and his partners develop a new residential tower of up to 280,000 square feet.