Alex Sapir unloads 218 Madison for half price; FiDi Hampton Inn sells for $24M

Sapir hoped to get $23M for Murray Hill dev site

Sapir sells 218 Madison; FiDi Hampton Inn sells for $24M
From left: Slate Property Group principal Martin Nussbaum; Alex Sapir; Hampton Inn FiDi; 218 Madison Avenue (Getty, Slate Property Group, Google Maps)

Investors found deep discounts on properties among the six mid-market deals to hit city records Dec. 18-22, which The Real Deal defines as between $10 million to $40 million.


Rybak Development paid Alex Sapir $12 million for a four-story mixed-use building at 218 Madison Avenue at the corner of East 38th Street in Manhattan. Sapir and a former partner paid $18.5 million for the property in 2015, and later $10.1 million to buyout their partner, a Turkish group. In 2019, Sapir sought $23 million for the building where he once envisioned a luxury residential building.

The other significant loss was at the Hampton Inn in the Financial District at 320 Pearl Street. Slate Property Group paid $24.1 million to KSL Capital Partners, which paid $29 million in 2007. 

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The other mid-market sales were:

  1. An entity controlled by Japanese coffee company Geshary paid $38 million for a boutique building at 560 Fifth Avenue. The Riese Organization owned the building for 50 years. The Real Deal reported the sale last week.
  1. Wells Fargo paid $24 million to the Metropolitan Transportation Authority for a commercial condo at 20 Hudson Yards. The bank is paying about $550 million to buy Neiman Marcus’ former space at the location for a retail-to-office conversion.
  1. Donald Speranza paid $17 million to John Thor for industrial properties at 47-52 and 47-52 37th Street and an adjacent lot in Queens. Thor signed for JT LIC Realty Corp. and Speranza signed for Nelic LLC. 
  1. Group RMC paid $14.5 million to the Church of St. Joachim for the church building at 5 Monroe Street and the neighboring structure at 53 Catherine Street in Two Bridges. The Archdiocese closed the church at 5 Monroe in 2015.
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