After legal war, Ace Hotel co-owner sells two 432 Park pads at $60M break-even

Stefanos Economou has been battling father of late partner

New York /
Jun.June 08, 2018 01:00 PM

432 Park Avenue (Credit: DBOX)

An entity tied to Ace Hotel co-owner Stefanos Economou sold two units at 432 Park Avenue for $60 million, just about what he paid for them in 2016.

The apartments at the Macklowe Properties and CIM Group-developed tower were listed for $68.5 million, or over $8,500 a foot, in December. The buyer is an anonymous LLC, property records filed Friday with the city show.

The two units, though not combined, span a full floor. Together, they span just over 8,000 square feet and have six bedrooms.

The seller, Ecoplace Management LLC, bought units 71A and 71B in 2016 for $28.9 million and $31 million, respectively. The entity is linked to Economou, who was partners on the Ace Hotel with Alex Calderwood. Economou could not immediately be reached for comment.

After Calderwood’s sudden death in 2013, Economou offered to purchase his interest in the hotel chain for $200,000. Tom Calderwood, Alex’s father, refused what he described as the “lowball” offer and sued, claiming Economou was trying to swindle the family out of their two-thirds interest in the business. In 2017, an appellate court dismissed the father’s claims against the holding company, Ace Group International.

The supertall 432 Park has seen its fair share of resale listings. In mid-March, it had 10 on the market — more than any other new development condo building. On average, they were asking 22 percent higher than the first sale price.


Related Articles

arrow_forward_ios
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
Andrew Yang (Getty, iStock)
Yang targets vacant lots with $900 million tax plan
Yang targets vacant lots with $900 million tax plan
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Donald Trump and 40 Wall Street (iStock, Sterlfilms/Wikimedia)
40 Wall’s valuation chop means tax savings for Trump Org
40 Wall’s valuation chop means tax savings for Trump Org
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
arrow_forward_ios

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

Loading...