…In the latest breakthrough for the $1.1 billion Manhattan House condo conversion, O’Connor Capital Partners has sold the entire commercial portion of the landmark Upper East Side apartment building for $86 million.
The commercial unit – which includes 102,842 square feet of retail, office and garage space – was purchased by Madison Capital.
O’Connor Capital partner Brian Fallon said, “it was always part or our overall capital and development plan” to sell the commercial space in the luxury building between Second and Third avenues and 65th and 66th streets. The state attorney general’s office approved Manhattan House‘s offering plan in August.
Bill O’Connor, a company principal and the son of founder Jeremiah O’Connor, noted that they have rented much of the store space to new tenants, including Lululemon Athletica and Aldo shoes.
Prudential Douglas Elliman Vice-Chairman Dolly Lenz, who’s marketing the 472 apartments, said, “The fact that the commercial space sold for such a high price shows that the whole building is a seller.”
Read more ‘Real’ Deal Coverage from NYPost here.
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