Commercial firm BLDG Management nabs Murray Hill rentals

Pay $126M for property on East 39th Street; building once housed the Eastgate Tower Hotel

222 East 39th Street (Credit: Lloyd Goldman)
222 East 39th Street (Credit: Lloyd Goldman)

Lloyd Goldman’s commercial real estate firm BLDG Management bought a 191-unit luxury rental complex in Murray Hill last week from an Atlas Capital-led group for $126 million.

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Jeffrey Goldberger, Andrew Cohen and other investors put in extensive renovations at the property at 222 East 39th Street, transforming it from Eastgate Tower Hotel into the Nash. The group acquired the non-performing debt and spent $20 million on improvements, including the lobby and retail space. The hotel rooms were converted into units ranging from one- to three-bedrooms.

Eastern Consolidated brokers Scott Ellard and Brian Ezratty represented the sellers. The 100-car garage has been leased to Champion Parking. [NYP, 2nd item]Mark Maurer