Premier Equities Acquires Luxury Condo Tower in Midtown East
In a strategic move, Premier Equities has successfully acquired a 68-unit luxury condominium tower located in Midtown East, according to public city records released on Friday. The property is situated at 200 East 59th Street and the transaction was valued at $31.3 million.
Key Details of the Acquisition
The acquisition was conducted by Premier Equities under the entity name Premier 200 East 59th Street. The seller was Alpha Investment Partners, the real estate investment division of Singapore-based Keppel Capital. Noteworthy figures in the transaction included Yaron Jacobi, a co-founding partner of Premier, signing on behalf of the buyer, while Tai Wai Kit represented the seller through the entity MIPA 59/Third Owner.
Background on the Property
The 35-story residential tower has seen challenges in unit sales since launching in 2017, with only seven of its 68 apartments sold prior to this acquisition. Previously, Alpha acquired a stake in the building that was owned by developer Harry Macklowe, valued at $4.8 million in November 2019, as reported by The Real Deal.
In a bid to revitalize the remaining units, United Overseas Bank of Singapore provided a substantial loan of $204 million in June 2020. This loan aimed to support the sale of the unsold condominiums, as well as a commercial unit associated with the property.
Current Market and Pricing
As for the pricing of the remaining units, the listings at the corner of Third Avenue and East 59th Street indicate options ranging from $1.7 million for a one-bedroom to $42.5 million for a four-bedroom residence, showcasing a diverse range for potential buyers.
Future Plans and Recent Activities
While Premier Equities has yet to disclose specific plans for the Midtown property, the firm has been active in the real estate market, recently acquiring a retail property in Flushing, Queens, for $27 million, as reported by Commercial Observer.
Conclusion
The acquisition of the luxury condo tower reflects ongoing investment activity in the competitive New York real estate market, despite previous challenges faced by the property’s former ownership.
