Park Ave. condo building once owned by Diddy hitting the market

Real estate investment firm tried to sell condos at building for several years

TRD NEW YORK /
Mar.March 02, 2016 04:15 PM

Early-aughts flashback: Sean “Diddy” Combs makes aspiring musicians walk from Manhattan to Brooklyn for a cheesecake slice in the reality show “Making the Band.”

It has been no cheesecake walk for Aion Partners, which bought the slender building at 809 Park Avenue from the producer 12 years ago. The real estate investment firm has tried several times — and different brokers — to sell townhouse-style condos at the 12-story building between East 74th and 75th streets.

Aion plans to put the property, also known as 807-813 Park Avenue, on the market.

It is expected to sell for more than $30 million, the New York Post reported. Current multilevel rentals — 5,000 to 6,000 square feet — rent for as much as $45,000 per month.

Combs purchased the building in 1999 for $12 million and listed it a year later. Aion, a real estate investment firm, paid $14.3 million for it in 2004.

The firm initially tried to market the townhouse-style condos for between $12 million and $16 million. Aion then proposed for the demolition of the building in late 2014, but needed Landmarks Preservation Commission approval.

David Schechtman of Meridian Capital Group and Alexa Lambert of Stribling & Associates is marketing the building. [NYP, 3rd]Dusica Sue Malesevic


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