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
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.