Michael Paul Enterprises sells former Brooke Shields home for $18.2M

The developer scrapped plans for condos at the site

New York /
Mar.March 09, 2018 05:18 PM

161-167 E 62nd St and Brooke Shields (Credit: Getty Images)

Michael Paul Enterprises has sold a property assemblage which includes the former Upper East Side home of Brooke Shields for $18.2 million, abandoning its plans for a condo development on the site.

The developer sold the land at 163-167 East 62nd Street to Churchill Capital Management, property records indicate. Michael Paul Enterprises had purchased 163-165 East 62nd Street in 2015 for a combined $14.05 million and planned to build a six-story, five-unit building on the site. The firm then bought 167 East 62nd Street last year for about $7.2 million, expanding its plans into a seven-story, 10-unit building.

Churchill has been an active buyer as of late and last month partnered with Square Advisors to purchase 5-7 Mercer Street in Soho for $21 million. They also purchased three contiguous rental buildings in July at 439-443 West 48th Street for $15.5 million.

Representatives for Michael Paul Enterprises and Churchill did not immediately respond to requests for comment.

Elsewhere in the neighborhood, JMC Holdings recently landed $51 million to buy New York REIT’s office building at 306 East 61st Street, and former hedge fund manager Philip Falcone is trying to sell his townhouse at 22 East 67th Street for $39 million.


Related Articles

arrow_forward_ios
Manhattan and Brooklyn saw all-time records in lease signings in April (iStock)
April leases soared across city; so did concessions
April leases soared across city; so did concessions
Council member Ben Kallos and Airbnb CEO Brian Chesky (Getty, iStock)
City Council bill would tighten screws on Airbnb
City Council bill would tighten screws on Airbnb
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
City Council Majority Leader Laurie Cumbo and 840 Atlantic Avenue (Getty, Google Maps)
Atlantic Avenue project gets haircut — and is rejected anyway
Atlantic Avenue project gets haircut — and is rejected anyway
Opendoor CEO Eric Wu (iStock)
Opendoor revenue bounces back in Q1
Opendoor revenue bounces back in Q1
Joan Rivers and 1 East 62nd Street (Getty, Sotheby's)
Joan Rivers’ longtime UES penthouse hits the market for $38M
Joan Rivers’ longtime UES penthouse hits the market for $38M
Clockwise from top left: Scott Stringer, Maya Wiley, Raymond McGuire, Andrew Yang and Shaun Donovan (Getty)
What do Brooklyn homes cost? Don’t ask these candidates
What do Brooklyn homes cost? Don’t ask these candidates
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
arrow_forward_ios

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

Loading...