Midwood closes on $102M West Village property, plans renovations

Real estate firm bought Candela Tower from BlackRock

Midwood's John Usdan with Candela Tower (Midwood, Candela Tower)
Midwood's John Usdan with Candela Tower (Midwood, Candela Tower)

John Usdan’s Midwood Investment and Development is planting its flag in the West Village.

Midwood on Tuesday closed on its $102 million purchase of a 158-unit apartment building at 56 Seventh Avenue from BlackRock, the company said. The Real Deal first reported that Midwood had struck a deal for the mixed-use property, known as Candela Tower, in March.

MetLife Investment Management provided a $63.5 million loan for the purchase, which was brokered by a Cushman & Wakefield team led by Adam Spies, Adam Doneger and Marcella Fasulo.

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Midwood plans to renovate the building’s residential units and upgrade its common areas.

“Candela Tower is one of New York City’s crown jewels,” Usdan said. “Its West Village location adds to its prominence, the area is supply-constrained and historically has seen very little transaction activity.”
At 20 floors, it’s the neighborhood’s tallest rental building, according to the firm.

Usdan added that Midwood, which owns office and retail properties in Soho and Midtown and recently converted an Upper East Side co-op at 150 East 78th Street to luxury condos, is “actively seeking” other multifamily or retail properties in the city.

The 142,000 square-foot building was constructed in 1931 and designed by architect Rosario Candela. Its roughly 6,700 square feet of retail is leased to tenants including Birch Coffee and Elm Health. About 40 percent of its apartments are rent-stabilized.
Blackrock acquired the building in 2008 for an undisclosed price, property records show.