New York

Atlas, Sterling sell 44-unit bulk condo package for $55.5M

Price amounts to $1.25M per unit, less than half the average sale price at the building

From left: <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/845-West-End-Avenue-New-York-NY-10025/1018897502-0" target="_blank" data-address="845%20West%20End%20Avenue%2C%20New%20York" data-label="845%20West%20End%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F845-West-End-Avenue-New-York-NY-10025%2F1018897502-0" data-bbl="1018897502" data-blockValue="01889" data-lotValue="7502" data-zipcode="10025" data-bldgArea="181%2C961" data-bldgDepth="139" data-bldgFront="125" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="17%2C588" data-lotFront="125.42" data-lotDepth="150" data-retailArea="0" data-resArea="181%2C961" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="R0" data-primaryZoning="R8" data-commercialOverlay="" data-far="6.02" data-buildable="105%2C879" data-airRights="-76%2C156" data-propertyNeighborhood="Upper%20West%20Side" data-latitude="40.7988130339399" data-longitude="-73.9711004032179" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F845-West-End-Avenue-New-York-NY-10025%5C%2F1018897502-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F845-West-End-Avenue-New-York-NY-10025%5C%2F1018897502-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">845 West End Avenue</a> on the Upper West Side and Fred Wilpon

From left: 845 West End Avenue on the Upper West Side and Fred Wilpon

Atlas Capital Group and Fred Wilpon’s Sterling American Property sold a set of 44 condominium units at 845 West End Avenue at 101st Street, banking $55.5 million, according to property records.

The package encompasses just under half the 91 units at the 15-story, 182,000-square-foot Upper West Side building. 

The documents list the apartments’ buyer as Tremenda Holdings LLC, led by Santa Ana, Calif.-based attorney Babak Sotoodeh, principal of Sotoodeh & Associates.

It’s unclear whether Sotoodeh is the buyer, or whether he’s representing another party. A message left with his office was not immediately returned.

Sterling American Property is a ground of funds owned by Sterling Equities and American Securities.

The average sales price at the building, based on 46 previous sales, is $2.9 million, according to StreetEasy. The price paid for the package amounts to $1.25 million per unit, a roughly 57 percent discount.

The partners bought the property in 2008 for $83.1 million with plans to convert the then-rental property to condominiums. The conversion occurred in 2010, according to CityRealty.

 

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New York

Atlas, Sterling sell 44-unit bulk condo package for $55.5M

Price amounts to $1.25M per unit, less than half the average sale price at the building

From left: <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/845-West-End-Avenue-New-York-NY-10025/1018897502-0" target="_blank" data-address="845%20West%20End%20Avenue%2C%20New%20York" data-label="845%20West%20End%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F845-West-End-Avenue-New-York-NY-10025%2F1018897502-0" data-bbl="1018897502" data-blockValue="01889" data-lotValue="7502" data-zipcode="10025" data-bldgArea="181%2C961" data-bldgDepth="139" data-bldgFront="125" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="17%2C588" data-lotFront="125.42" data-lotDepth="150" data-retailArea="0" data-resArea="181%2C961" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="R0" data-primaryZoning="R8" data-commercialOverlay="" data-far="6.02" data-buildable="105%2C879" data-airRights="-76%2C156" data-propertyNeighborhood="Upper%20West%20Side" data-latitude="40.7988130339399" data-longitude="-73.9711004032179" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F845-West-End-Avenue-New-York-NY-10025%5C%2F1018897502-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F845-West-End-Avenue-New-York-NY-10025%5C%2F1018897502-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">845 West End Avenue</a> on the Upper West Side and Fred Wilpon

From left: 845 West End Avenue on the Upper West Side and Fred Wilpon

Atlas Capital Group and Fred Wilpon’s Sterling American Property sold a set of 44 condominium units at 845 West End Avenue at 101st Street, banking $55.5 million, according to property records.

The package encompasses just under half the 91 units at the 15-story, 182,000-square-foot Upper West Side building. 

The documents list the apartments’ buyer as Tremenda Holdings LLC, led by Santa Ana, Calif.-based attorney Babak Sotoodeh, principal of Sotoodeh & Associates.

It’s unclear whether Sotoodeh is the buyer, or whether he’s representing another party. A message left with his office was not immediately returned.

Sterling American Property is a ground of funds owned by Sterling Equities and American Securities.

The average sales price at the building, based on 46 previous sales, is $2.9 million, according to StreetEasy. The price paid for the package amounts to $1.25 million per unit, a roughly 57 percent discount.

The partners bought the property in 2008 for $83.1 million with plans to convert the then-rental property to condominiums. The conversion occurred in 2010, according to CityRealty.

 

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