Michael Paul Enterprises sells former Brooke Shields home for $18.2M
The developer scrapped plans for condos at the site
Michael Paul Enterprises has sold a property assemblage which includes the former Upper East Side home of Brooke Shields for $18.2 million, abandoning its plans for a condo development on the site.
The developer sold the land at 163-167 East 62nd Street to Churchill Capital Management, property records indicate. Michael Paul Enterprises had purchased 163-165 East 62nd Street in 2015 for a combined $14.05 million and planned to build a six-story, five-unit building on the site. The firm then bought 167 East 62nd Street last year for about $7.2 million, expanding its plans into a seven-story, 10-unit building.
Churchill has been an active buyer as of late and last month partnered with Square Advisors to purchase 5-7 Mercer Street in Soho for $21 million. They also purchased three contiguous rental buildings in July at 439-443 West 48th Street for $15.5 million.
Representatives for Michael Paul Enterprises and Churchill did not immediately respond to requests for comment.
Elsewhere in the neighborhood, JMC Holdings recently landed $51 million to buy New York REIT’s office building at 306 East 61st Street, and former hedge fund manager Philip Falcone is trying to sell his townhouse at 22 East 67th Street for $39 million.