Atlas, Sterling sell 44-unit bulk condo package for $55.5M

Price amounts to $1.25M per unit, less than half the average sale price at the building

TRD New York /
Nov.November 17, 2015 01:13 PM

Atlas Capital Group and Fred Wilpon’s Sterling American Property sold a set of 44 condominium units at 845 West End Avenue at 101st Street, banking $55.5 million, according to property records.

The package encompasses just under half the 91 units at the 15-story, 182,000-square-foot Upper West Side building. 

The documents list the apartments’ buyer as Tremenda Holdings LLC, led by Santa Ana, Calif.-based attorney Babak Sotoodeh, principal of Sotoodeh & Associates.

It’s unclear whether Sotoodeh is the buyer, or whether he’s representing another party. A message left with his office was not immediately returned.

Sterling American Property is a ground of funds owned by Sterling Equities and American Securities.

The average sales price at the building, based on 46 previous sales, is $2.9 million, according to StreetEasy. The price paid for the package amounts to $1.25 million per unit, a roughly 57 percent discount.

The partners bought the property in 2008 for $83.1 million with plans to convert the then-rental property to condominiums. The conversion occurred in 2010, according to CityRealty.

 

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