BHI has provided $60 million in financing for the bulk acquisition of 70 residential condominium units in the Charlie West building, located at 505 West 43rd Street in Hell’s Kitchen.
The borrower is a joint venture of Tishman Realty & Construction and PIMCO, which is acquiring the units, totaling 76,897 s/f, from Charlie West developer, the Elad Group for $87.37 million
Completed in 2019, Charlie West (pictured top) rises 16 stories and has 123 units. Apartment interiors feature open living rooms, floor to ceiling windows, wide-plank oak wood floors, marble en-suite bathrooms and stainless steel appliances. The building has an indoor/outdoor pool, rooftop terrace, fitness center, library, residents’ lounge, children’s playroom and bike storage. BHI had provided construction financing for the project.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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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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