Alan Wasserman closes on $132M purchase of Midtown rental

After legal tangle, Melohn Properties sells building its owned since 1978

TRD New York /
Dec.December 18, 2014 08:00 AM

The Camelot, a 17-story rental building at 301 West 45th Street, has officially changed hands for the first time in 36 years, The Real Deal has learned.

Melohn Properties, which has owned the property since 1978, sold the 176-unit building to Alan Wasserman’s S.W. Management Acquisitions for $132.5 million. But the closing didn’t come about until after a little legal jousting between the two parties.

As previously reported by The Real Deal, Wasserman sued the Melohn family to force them to close on the property. A lawsuit filed November 14 asked a Manhattan Supreme Court judge to issue an injunction that would set a final closing date for the property. In December, a judge nixed Wasserman’s bid to force a closing date on the deal.

Westwood Realty Associates’ Steven Vegh represented the Melohn family in the off-market transaction. Rosewood Realty Group’s Aaron Jungreis represented the buyers.

A corner high-rise like this, Vegh said in a brief phone interview on Wednesday afternoon, “is rare to come across in the market today.” The buyer, he added, plans to keep the property for long term ownership.

Studios in the building start at $2,350 per month.

 
 

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