Alvin Dworman Sells 3 Manhattan Buildings for $65M
The properties were at the center of a lawsuit alleging mismanagement
Two years after three Manhattan rental buildings were put up for sale to settle a dispute in arbitration, they ultimately were sold to a familiar buyer.
Investor Alvin Dworman, chairman of the ADCO Group, sold the three properties for $65.1 million to Capital Enterprises Midtown LLC, an entity run by Michael Palin, Dworman’s former partner, property records show.
The mixed-use buildings are located at 65 West 55th Street, 155 East 55th Street and 210 East 58th Street. They contain 240 apartments and about 100,000 square feet of office space, parking and retail.
The properties were at the center of an ownership battle between Dworman and Palin. Dworman sued his partner in 2016, accusing him of mismanaging income and splurging on business and personal expenses.
Darcy Stacom, an investment sales broker at CBRE, was hired to market and sell the buildings at the time. Stacom did not respond in time to requests to comment.
During the arbitration process, officials ruled that the sale was a way to liquidate the partnership and recoup its members’ investments.