The Real Deal New York

Health care investor snaps up massive
70 Vestry unit at 19% discount

The deal follows Ponte Equities purchase of 15 units
By Meenal Vamburkar | March 01, 2019 11:17AM

70 Vestry Street and Paul Meister (Credit: Facebook and Twitter)

The latest condo to close at Related Companies’ 70 Vestry Street is a sprawling combined unit that sold for $39.3 million.

Unit 12S sold to “70 Vestry 12S LLC,” according to records filed with New York City’s Department of Finance. The unit, previously listed at $28 million, was later combined with Unit 11S — with an asking price of $48 million. The deal closed at at $4,707 per square foot, a 19 percent discount.

The buyer LLC is tied to Paul M. Meister, co-founder of Liberty Lane Partners, which invests in health care, technology, and distribution-related industries. He was previously CEO of inVentiv Health (now Syneos Health), a biopharmaceutical company. Meister didn’t respond to request for comment.

The condominium spans 8,346 square feet, according to the condominium offering plan. The six-bedroom home also features 1,153 square feet of terrace space.

Earlier this month, Related sold 15 residential units to Ponte Equities for about $36.7 million, which prices out to roughly $2.45 million per unit. The units are spread out on floors three and six through 11. Ponte Equities, a real estate firm run by the Ponte family that has a foothold in Tribeca, sold the site where the luxury condo now stands to Related in 2014 for $115 million.

Another pricey deal at the development was the $55 million penthouse. Purchased by Italian telecom entrepreneur Silvio Scaglia, the unit was once expected to be the priciest sale in Downtown Manhattan but instead sold at a steep discount from its $65 million asking price. Related Chairman Stephen Ross also bought a $6.9 million condo.