432 Park units sell for $70.5M, up from $66.47M in 2016

Blue Castle Investments, LLC paid $70.5 million to Blessings Investments, Lp for condo units 82A, 29D and 29J at 432 Park Avenue in Midtown East, Manhattan.
The deal closed on April 26, 2022 and was recorded on May 5, 2022.
The signatory for Blessings Investments, Lp was Brett J. Grossman. The signatory for Blue Castle Investments, LLC was Bruce Cohen. This is for units 82A, 29D and 29J. The seller combined high-floor units 82B and 82A, which were acquired along with 29D and 29J for a combined $66.47 million in 2016 following contracts signed in February 2015. The New York Post reported the $70.5 million sale here.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 432 Park Avenue.

The block

On the tax block of 432 Park Avenue, PincusCo has identified the owners of one of the 26 commercial properties representing 257,025 square feet of the 2,418,741 square feet. The identified owner is Trump Organization.

The majority, or 89 percent of the 2 million square feet of built space are office buildings, with mixed-use buildings next occupying 7 percent of the space.

Surrounding

Within a 400-foot radius of 432 Park Avenue, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit issued on November 19, 2020 for a 59,819-square-foot R-2 building with 62 residential units at 115 East 55th Street.
Of those 11 items, three were sales above $5 million totaling $53.1 million.
Of those 11 items, seven were loans above $5 million totaling $1.3 billion. The most recent of the seven was Corem Property Group and GDS Development which borrowed $140 million from Nordic Trustee & Agency secured by the 89,651-square-foot, 30-unit co-op (D4) on 417 Park Avenue and one other property on March 16, 2022.

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