O’Connor Capital Partners Completes $86 Million Sale of 102,842-Square-Foot Upper East Side Retail Condominium at Manhattan House

NEW YORK, Oct 07, 2008 (BUSINESS WIRE) — O’Connor Capital Partners has completed the sale of the Upper East Side retail condominium at Manhattan House to Madison Capital for $86 million. The deal marks a major milestone for the $1.1 billion condominium conversion of Manhattan House, a modernist and architectural icon with grand residences that was designated a historic landmark in 2007 by the New York City Landmarks Preservation Commission.

The 102,842-square-foot retail, parking and office condominiums at Manhattan House, one of the Upper East Side’s largest retail offerings, includes seven street-level stores on Second and Third Avenues between 65th Street and 66th Street, four professional office spaces on 65th and 66th Streets, and a parking garage on 65th Street.

“The Manhattan House retail condominium is a strategic investment with considerable future growth potential,” said Brian Fallon, partner at O’Connor Capital Partners. “Its proximity to the luxury retail core of New York City and position at the base of the top luxury residential conversion development in the city make this the prime location for retail traffic.”

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NY Post: ‘In The House’

Apparently Manhattan’s mid-priced condo market is still chugging along. We hear that the marketing team at Manhattan House has hit their sales quota for the Upper East Side luxury condominium building as of earlier this week, which now makes the offering official for all concerned.

In other words, the building’s partial condo conversion is now a go.

“We’ll thrilled that we were able to achieve our goal earlier than anticipated,” said a jubilant Dolly Lenz, the vice chairman of Prudential Douglas Elliman who spearheaded the sales effort. “I was fortunate enough to work for Jerry O’Connor, whose vision was spot on.”

And Princess Grace’s provenance didn’t hurt.

Lenz added that $70 million in contracts were signed in just the last few weeks.

The block-long, five-tower property, which was the site of this year’s Kips Bay Decorator Show House, features condos that range from $1 million to over $20 million.

We expect now that the plan has been declared effective in legal terms, many who were on the fence will jump in with their deposits.

See http://www.nypost.com/seven/05292008/realestate/90m_flip_out_112899.htm for full article.

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