5 Times Square’s former owner buys Sutton Place pad

AVR's Allan Rose paid $2.6M for a two-bedroom condo at St. James Tower

New York /
Mar.March 07, 2017 01:55 PM

Allan Rose, CEO of AVR Realty Company, and his wife Maxine picked up a condominium unit at St. James Tower in Sutton Place, paying $2.6 million, according to property records filed with the city Wednesday.

The 29th-floor apartment spans just under 1,400 square feet, and the Roses paid roughly $1,900 per square foot. Rose already owns a penthouse unit in the 31-story building, for which he paid $2.3 million, or $363 per square foot, in 1998, records show.

The apartment has two bedrooms and two bathrooms, and features 12-foot ceilings and views of the Manhattan Skyline, according to the listing. It hit the market in September, asking $3.2 million, and Keller Williams NYC’s Cindy van Dorn and Morgan van Dorn had the listing. Sellers Habib Ghawi and Basima Abu-Jaber paid $1.7 million for the condo in 2009.

Rose is the owner and CEO of Yonkers-based AVR Realty, a company that has developed more than 30 million square feet of commercial and residential space across the U.S., according to its website.

The firm bought 5 Times Square for $1.2 billion in 2007. In 2014, it sold the 38-story office building to a group led by investor David Werner for $1.5 billion. Last year, RXR Realty TRData LogoTINY took a controlling interest in the building, paying $800 million for a 50 percent joint-venture leasehold in the office tower.


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