Eliot Spitzer sells off 144 units for $147M to development firm

Gaia Real Estate, which purchased units in the property before, made the buy

TRD New York /
May.May 15, 2014 05:50 PM

Former New York Governor Eliot Spitzer is back in the real estate game — if just briefly.

On Thursday, he sold 144 rental apartments for $147 million in the Corinthian, a family owned condo-building. Gaia Real Estate, an investment firm that already owns apartments in the property is buying more units in the building, which takes up the entire block between 38th and 39th streets on First Avenue.

Last year, the same firm acquired the 50th floor of the building from the pharmaceutical firm Pfizer, according to Crain’s.

Massey Knakal Realty’s Bob Knakal handled the sale for Spitzer, who is now the head of the family business. The ultimate selling price exceeded Knakal’s initial estimate of $144 million, Crain’s reported.

It’s still unclear whether Gaia will rent out the apartments in the 57-story, 863-unit building or sell them off.

Spitzer has been getting back into the real estate business ever since his bid for city comptroller failed last year. Recently, he bought a development side in the Hudson Yards for $88 million. [Crain’s]Claire Moses


Related Articles

arrow_forward_ios
Eliot Spitzer, 220 East 72nd Street and Andrew Levison (Credit: Getty Images, StreetEasy, Dermot Company)

Spitzer sells UES apartment building

Clockwise from left: 420 Kent Avenue, a rendering of TWA Flight Center at John F. Kennedy International Airport, and 29-22 Northern Boulevard in Long Island City (Credit: Curbed NY)

These were the top 10 outer borough loans last month

Eliot Spitzer and 420 Kent Avenue (Credit: Getty Images)

Eliot Spitzer’s 420 Kent nabs $386M refi

The Closing: Eliot Spitzer on clashing with financial titans, second chances and the RE empire his dad built

The Closing: Eliot Spitzer on clashing with financial titans, second chances and the RE empire his dad built

From left: Josh Schuster, Matthew Messinger and Eliot Spitzer (Photo by Emily Assiran)

Power lunch: Developers talk friendly competition, Amazon and housing reform at the Four Seasons

The Closing: Eliot Spitzer on clashing with financial titans, second chances and the RE empire his dad built

The Closing: Eliot Spitzer on clashing with financial titans, second chances and the RE empire his dad built

The Closing: Eliot Spitzer on clashing with financial titans, second chances and the RE empire his Dad built

The Closing: Eliot Spitzer on clashing with financial titans, second chances and the RE empire his Dad built

New Year’s resolution: Read The Real Deal’s January issue, now available to subscribers

New Year’s resolution: Read The Real Deal’s January issue, now available to subscribers

arrow_forward_ios