Anonymous buyer pays $41M to Prodigy, Shorewood for property in Flatiron, $11M below 2017 purchase

An anonymous buyer through the entity 331 Park Ave Ventures, LLC paid Prodigy Network and Shorewood Real Estate Group’s 331 PAS Property Owner LLC $41.2 million for 331 Park Avenue South in Flatiron. The deal closed on June 12, 2020, and was recorded on June 19, 2020. The transaction consists of 1 parcel, including the tax class loft with more than eight stories (mid-Manhattan type with or without stores) (L1). The property is 37,025 square feet. The parcel(s) have total development potential of 37,025 square feet.
The average sale price per square foot is $1,114.

Prodigy Network and Shorewood sold this building for $11 million below it’s 2017 purchase price of $52.4 million, when Prodigy and Shorewood Real Estate Group partnered to buy it. The signatory for the seller was Shorewood CEO S. Lawrence Davis. This contract date is the same as the sale date, June 12, 2020. The signatory for the buyer entity was Jeff Miller, of the law firm Westerman Ball Ederer Miller Zucker & Sharfstein.

The property had $34 million of recorded debt and financial records disclosed it had a $7 million mezzanine loan. The buyer, an anonymous LLC, used the same attorney as the anonymous buyer of 114 East 25th Street, which was closed and recorded the same day, on June 12. This is the second Prodigy property to record a sale in a week. On June 16, the confidential buyer recorded the purchase of 114 East 25th Street from Prodigy.

Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $6,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $1,570,850.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link