City appraised Rivington House at $65M before deed restriction change

LES property sold to Slate, Adam America and Vanke for $116M soon after

TRD New York /
Apr.April 19, 2016 09:30 AM

The city’s appraisal of 45 Rivington Street seems to have steeply undervalued the property.

Officials priced the seven-story, 150,000-square-foot Rivington House on the Lower East Side at $65 million, or around $433 per square foot, far below its ultimate selling price, the Wall Street Journal reported.

City officials are under pressure from prosecutors and watchdogs at the local, state and national level over their decision to lift a deed restriction at the property last year in exchange for $16.15 million, paving the way for owner the Allure Group to sell it to Slate Property Group, Adam America Real Estate Group and China Vanke for $116 million shortly thereafter.

The developers plan to build a luxury condominium tower at the site. The city last week ordered that construction stop, calling it an illegal conversion.

Nursing home operator Allure purchased the property, which had been a nonprofit HIV/AIDS care facility, in early 2015 for $28 million.

Former city appraiser Robert Von Ancken of Landauer Valuation & Advisory said the city’s assessment was far below what he would have expected. Officials “really must have messed up,” he told the Journal. [WSJ]Ariel Stulberg

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Robert Shapiro gets 25 years in prison for massive Ponzi scheme

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

Join The Real Deal at its sixth annual Miami Showcase & Forum this week

London real estate at the heart of mysterious Vatican scandal