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$87 Million Bulk Condominium Unit Sale Completed in Midtown West
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NEW YORK, April 21, 2021 /PRNewswire/ Upland Property Advisors announced today the completion of the first major bulk condominium sale in New York City since the pandemic. Led by founding partners Yoav Oelsner and Glenn Tolchin, the 70-unit transaction included all of the remaining market-rate units in the building known as
Charlie West at 505 West 43rd Street. Tishman Realty purchased the units for
$87.4 million in cash consideration, plus a carried interest for the seller. Mi & Co Development built the 122-unit building in 2018. Upland Property Advisors represented the buyer, and also arranged for the
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Charlie West at 505 West 43rd Street, Elad’s Yitzhak Tshuva and Tishman Realty’s Daniel Tishman (Photos via StreetEasy, Charlie West, Getty, Elad)
In a sign of the increasing pressure faced by Manhattan’s condo developers, the Elad Group is selling a large block of the remaining units at its Hell’s Kitchen new development for roughly $90 million.
It’s believed to be one of the first big new-development bulk condo deals of the cycle, and could foreshadow more deals of its kind as sponsors look to move on from challenged projects.
Elad, headed by Israeli businessman Yitzhak Tshuva, is in contract to sell 70 units at its Charlie West tower to Tishman Realty for $87.37 million, sources familiar with the agreement told