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Centurion shooting for $403M sellout with UWS condo conversion
The building at 200-212 West 72nd Street has 196 resi units
UPDATED on Monday, March 11 at 6:08 p.m.: John Tashjian’s Centurion Property Advisors is the latest investor to make a condominium conversion play on the Upper West Side. And the family firm is eyeing a $403 million sellout at 200-212 West 72nd Street.
The property’s 196 rental units will be converted to condos, according to an offering plan filed with the New York State Attorney General’s office. With the conversion, the company hopes to achieve roughly $2 million per unit.
In January, Centurion bought the property for about $227 million from TIAA’s real estate investment arm. It secured about $204 million in financing for the deal from KKR Real Estate Finance.
The teacher’s pension fund bought the property, known as “the Corner,” from the building’s developer, the Gotham Organization in 2011 for $209 million. The building was designed by Handel Architects, and also contains two retail units.
Centurion couldn’t immediately be reached for comment.
There are a few other large condo conversion plays taking place in the neighborhood. HFZ Capital converted the Belnord on West 86th Street with a $1.35 billion sellout. More recently, GreenOak Real Estate and Slate Property Group received a $50 million construction loan to convert 40 apartments to condos at 150 West 82nd Street, with a projected sellout of $89 million.
Correction: An earlier version of this story misidentified the buyer as Ralph Tawil’s Centurion; it is John Tashjian’s Centurion.