Sold Out at 204 West End Avenue
All available condominium residences at 240 West End Avenue have sold. Walter & Samuels converted the 1925 Rosario Candela building from rental to condominium, preserving its prewar charm and unique architectural history, including its brick façade with ornamental stonework and flourishes. The one-bedroom to full-floor residences feature reconfigured floor plans with en-suite bedrooms, fully equipped kitchens, spa-inspired bathrooms, and fireplaces with custom wood mantels. Just minutes from Lincoln Center, Riverside Park and many of the Upper West Side’s cultural and shopping destinations, the 16-story building is one of two prewar condominium buildings located on West End Avenue in the 70s.
An investment group headed by Walter & Samuels Chairman David I. Berley purchased a boutique office building located at 30 East 20th Street in the Flatiron District. The seven-story building, which is located between Broadway and Park Avenue South next to the Theodore Roosevelt Birthplace National Historic Site, was purchased in an off market transaction for $10M. It features light and airy loft-like offices on floors two through seven, as well as two ground-level retail spaces. “We expect this building to do well with technology and new media companies who want to be in a quality Flatiron building located on a vibrant and beautiful street with destination restaurants,” said Mr. Berley.
A Big Deal
In one of the largest transactions of the year, a partnership headed by Walter & Samuels Chairman David I. Berley sold 304 Park Avenue South to SL Green.
The prolific commercial property owner acquired the Midtown South building for $135M in an off-market transaction funded with a combination of cash and operating partnership units. “We’re not sellers, but there’s a time and a price for everything,” said Mr. Berley, who reinvested in the building as a partner of SL Green. “The deal provided a tax beneficial way of selling,” added Berley. IMG Models is a major tenant of the office portion of the building, while H&R Block, Time Warner Entertainment and Bed & Body Works occupy the retail space.
New Office Space Availability in 80 West End Avenue
Located just west of Lincoln Center, 80 West End Avenue is an attractive opportunity for a variety of tenants seeking space convenient to Midtown or the Upper West Side. Among the features that 80 West End Avenue offers are: large floor plates (32,700 sf), high ceilings (16’), heavy floor loads, access to public transportation, and two separate lobbies on West End Avenue and West 64th Street.
80 West End Avenue is a building and a location that is particularly attractive to creative companies (media, fashion, software, advertising, etc.), not-for-profit organizations, and schools. 80 West End Avenue is a great opportunity to be adjacent to Midtown Manhattan with pricing that is closer to what you might expect to find in the outer boroughs or New Jersey. For more information about this opportunity, please call our exclusive leasing agents, Cushman & Wakefield, at (212) 841-7500.
Bridal Queen Vera Wang Inks Lease at 15 East 26th Street
Vera Wang has signed a 12-year lease for 39,000 square feet on the fourth and fifth floors at 15 East 26th Street, a 150,000-square-foot office building that is managed by Walter & Samuels.
The famous designer fashion label is expanding its Corporate Headquarters after 20 years at 225 West 39th Street, a building that is also managed by Walter & Samuels.
Harve Shuster, executive managing director of Walter & Samuels, and Glenn H. Isaacson, vice president of CB Richard Ellis, represented the tenant in the transaction. Walter & Samuels’ James S. Gladstone represented the ownership.
“I think Madison Square Park will be great for Vera Wang and Vera Wang will be great for Madison Square Park,” said David I. Berley, Chairman of Walter & Samuels.
Angelo, Gordon, Belvedere Capital, Metropolitan Realty Associates and an investment group led by Walter & Samuels’ David I. Berley recently purchased the office building.
Madison Square Park Office Building Changes Hands
The commercial office building at15 East 26th Street has new ownership. Angelo, Gordon, Belvedere Capital, Metropolitan Realty Associates and an investment group led by Walter & Samuels’ David I. Berley recently purchased the 150,000-square-foot office building for $33 million in a deal that was brokered through Douglas Harmon of Eastdil Secured. Walter & Samuels is the building manager.
“We think this is an exciting office building in an exciting neighborhood,” said Berley. Tenants of the building already include restaurateur Tony May’s SD26 and airline El Al.
Situated along the northern end of Madison Square Park, the boutique building provides tenants with exceptional park views and exciting neighborhood amenities that seem to get better and better all the time.
15 Madison Square North 100% Sold
15 Madison Square North, a high-profile condominium conversion overlooking Madison Square Park, has sold out. And the building’s $165 million 2008 construction loan has been fully satisfied.
Noted that year as one of the largest construction loans in New York City, the Wells Fargo loan refinanced an existing debt structure held by Deutsche Bank and provided $31 million to complete additional conversions and additions.
Madison Park Owner, LLC, an investment group headed by Walter & Samuels, inc. Chairman David I. Berley, partnered with Deutsche Bank Real Estate Global Opportunity Group in 2004 to purchase the neo-gothic building for $109 million.
Walter & Samuels, which managed the building and handled the conversion, tapped Corcoran Group Marketing to market residences at the building. According to Corcoran, the building achieved an average sales price of $3.59 million—one of the highest averages for a development in the Madison Square Park neighborhood to-date. The highest single price achieved was $12.16 million and one residence closed at $2 million above the asking price.
“Our fifth conversion from commercial to residential, this was the most challenging because it was a conversion from office rather than loft space,” said David Berley, “and the luxury residential was at the highest end.”
Considered one of the most successful and established converters in Manhattan, Walter & Samuels has performed over 30 major residential condominium and cooperative conversions in the last 30 years.
“Mad Views”, Daily News, 2/6/09
“Long before Times Square became the center of the universe, New York City’s crossroads were at Madison Square Park. Connecting downtown to uptown, heavy industrial corridors to residential streets, and blessed with the city’s finest Queen Anne and Beaux-Arts architecture, the area around 23rd St. where Broadway meets Fifth Avenue drew top architects, entertainers and the social elite from the 1880s to the 1920s.
More than 100 years later, this neighborhood has become an architectural spectacle, with residential skyscrapers, fine dining and office building conversions bringing weathered structures back to life…”