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

TRD 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.

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