Three Midtown Manhattan rental buildings are hitting the market thanks to a lawsuit between the partners that own them.
The buildings are located at 65 West 55th Street, 155 East 55th Street and 210 East 58th Street, according to Crain’s. They contain about 240 apartments altogether, roughly half of which are rent regulated, and about 100,000 square feet of office space, retail and parking.
Investor Alvin Dworman filed suit against his ownership partners at the buildings in 2016, accusing them of mismanaging income from them and spending millions on business and personal expenses.
The case was ordered to be settled through arbitration, and during the process, officials ruled that the three buildings needed to be sold to liquidate the partnership and recoup its members. Dworman can continue seeking monetary damages if the buildings sell for less than about $170 million.
A buyer for the buildings should be selected sometime this month. CBRE’s Darcy Stacom is marketing the properties. [Crain’s] – Eddie Small