Isaac Tshuva’s Elad Group plans to convert a Midtown South office building into condos.
The developer paid $72 million to buy the 200,000-square-foot office building at 419 Park Avenue South from Walter & Samuels, according to the broker on the deal.
“The opportunity to convert existing office to residential condo in Midtown South is relatively recent,” said KSR’s Albert Sultan, who negotiated the sale along with Marc Sitt. “The purchaser capitalized on the rare opportunity to develop a sizeable new condo product in one of the most in demand submarkets in Nomad.”
Elad COO Alex Olsen said the company is planning around 100 units scheduled to be completed in 2026.
Elad has experience doing these kinds of condo conversions. The developer converted the Plaza Hotel, 250 West Street and the former New York Criminal Court building at 108 Leonard Street in Tribeca along with Don Peebles.
WeWork had been a tenant at 419 Park Avenue South, occupying some 60,000 square feet until it scrapped the location through its bankruptcy proceedings.
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