FiDi Condo Building Changes Hands In Secret $93M Sale

A Financial District condo development with a turbulent history has quietly changed hands, with its units now hitting the market as luxury rentals

Grand Rapids, Michigan-based Eenhorn scooped up the 62-unit building at 1 Park Row in for $93 million, a source with knowledge of the deal said. The seller was an entity tied to Circle F Capital.

The developer exited the project a year after launching sales at the 23-story building. The condos were being marketed by Serhant, with prices starting at $850,000 for a studio. Several of the units were under contract when Eenhorn, a real estate investment and management company, stepped in to acquire the entire slate in January.

Corcoran Sunshine Marketing Group’s Beth Fisher represented the seller in the deal. Brown Harris Stevens’ Lisa Simonsen represented the buyer. Neither could immediately be reached for comment. Circle F and Eenhorn did not immediately respond to requests for comment.

The sale came 18 months after Circle F secured a $50 million loan from 3650 REIT for the completion of the development at the former site of the electronics store J&R Music and Computer World.

The project had already been a decade in the making. J & R shut down in 2014 and owners Joe and Rachelle Friedman initially planned to rebuild the storefront into an “unprecedented retailing concept and social mecca,” Gothamist reported at the time.

Plans were eventually filed for a building with 63 apartments, three floors of office space and ground-floor retail. Circle F emerged as the developer and Parkview Financial provided a $90 million construction loan in 2021.

But the project ran into trouble. Circle F sued the construction manager in 2023, alleging a subcontractor’s mistakes led to colossal issues and delays. That lawsuit was eventually settled and discontinued and construction was completed at the end of 2024.

The units have an average size of about 1,000 square feet. The building also has a 3,300-square-foot duplex penthouse, fitness center, garden terrace and lounge. The four-bedroom penthouse is listed for rent on Zillow at $50,000 per month. Studios start at $4,800 per month, one-bedrooms range from $8,950 to $10,200 per month, two-bedrooms start at $12,350 and three-bedrooms start at $19,500 per month.