The Real Deal New York

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

Gaia Real Estate, which purchased units in the property before, made the buy
May 15, 2014 05:50PM

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