Related buying up its own supply at Carnegie Park

LLCs controlled by firm execs closed on five units at the UES condo conversion

New York /
Jan.January 13, 2017 04:30 PM

That’ll help with sales. Entities controlled by three top executives at the Related Companies closed on five condominium units totaling $9.7 million at Carnegie Park, the developer’s 325-unit conversion at 200 East 94th Street.

According to public records filed with the city Friday, firm president Bruce Beal Jr., chief executive Jeff Blau TRData LogoTINY and senior vice president Benjamin Joseph collectively bought five pads through shell companies at the 31-story building.

Records show that Blau, through an entity called Yukon Holdings LLC, bought two apartments: unit 2116 for $1.02 million, and apartment 2316, also for about $1.02 million. Beal, through Beachbox II Holdings LLC, paid $3 million for the three-bedroom pad at unit 2509 and another $1.3 million for unit 2911, Department of Finance records indicate. And Joseph, who operated 1917 CP Unit LLC, paid $3.4 million for unit 1917.

The executives all listed their address as 60 Columbus Circle, the developer’s Time Warner Center headquarters. Representatives for the firm did not immediately return requests for comment.

Collectively, Beal, Blau and Joseph paid $1,693 per square foot, in line with the sales average listed on StreetEasy of $1,543 per square foot.

It’s not uncommon for real estate executives to buy units in their own buildings, sometimes to boost sales figures for lenders but also as personal investments in buildings they believe in. It could be also done for tax purposes. From a lender’s perspective, the move can complicate deals.

In December, Steve Witkoff spent $48 million to buy five condo units at 150 Charles Street.

Related converted Carnegie Park to condos in 2014, using designs from Robert A.M. Stern. The building features a three-lane swimming pool and a half-acre private park.

StreetEasy data shows only three units actively on the market — two penthouses at $5.75 million and $4.6 million, and a three-bedroom unit on the second floor listed for $2.89 million. Corcoran Sunshine Marketing Group is jointly handling sales with Related.

Chava Gourarie contributed reporting


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Mark Zuckerberg with 55 and 30 Hudson Yards
Meta to cut Hudson Yards office space
Meta to cut Hudson Yards office space
From left: Ilitch Holdings' Chriistopher Ilitch and Related Companies' Stephen Ross with 2250 Woodward Avenue
Ilitch, Ross propose $1.5B Detroit development
Ilitch, Ross propose $1.5B Detroit development
Related Companies' Stephen Ross with One Flagler, 360 Rosemary, and 515 Fern (Getty, Related Companies)
Mapping out Steve Ross’ South Florida empire
Mapping out Steve Ross’ South Florida empire
Mayor Eric Adams, Related Companies' Stephen Ross and Sterling Equities' Fred Wilpon with a rendering of the soccer stadium (The Related Companies, Sterling Equities, Getty)
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
From left: Related Companies’ Stephen Ross, Sterling Equities’ Fred Wilpon, and Willets Point in Queens (Getty, Jim.henderson/Public domain - via Wikimedia Commons)
Related, Sterling file first plans for Willets Points housing
Related, Sterling file first plans for Willets Points housing
A photo illustration of Related Companies' Stephen Ross along with 514 West 36th Street (left) and 517 West 35th Street (right) in Hudson Yards (Getty, Google Maps)
Related files plans for Hudson Yards office tower
Related files plans for Hudson Yards office tower
From left: Russ & Daughters' Niki Russ Federman and Josh Russ Tupper; Related Companies' Stephen Ross; and 50 Hudson Yards (Getty, LoopNet)
Russ & Daughters to open shop at Related’s 50 Hudson Yards
Russ & Daughters to open shop at Related’s 50 Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...