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

The deal follows Ponte Equities purchase of 15 units

New York /
Mar.March 01, 2019 11:17 AM

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.


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
FiDi condo supply is through the roof as workers delay office return. (Getty)
FiDi condo glut is through the roof
FiDi condo glut is through the roof
eXp CEO Glenn Sanford (eXp, iStock)
Virtual broker eXp Realty has another record quarter
Virtual broker eXp Realty has another record quarter
RSA's Joseph Strasburg and Judge Lawrence Marks (Getty, Strasburg via Jeffersons Siegel)
Landlord group challenges state eviction ban
Landlord group challenges state eviction ban
Redfin CEO Glenn Kelman (Getty, Redfin)
Pocket listings exclude minority homebuyers, Redfin CEO says
Pocket listings exclude minority homebuyers, Redfin CEO says
(378 West End, 300 West and 567 Ocean Avenue, Getty)
April was best month for new condo sales in 5 years
April was best month for new condo sales in 5 years
arrow_forward_ios

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

Loading...