Bastion Real Estate pays $20.1M to Vanke for retail condo in Midtown East

Houston-based Bastion Real Estate Holdings paid $20.1 million to Vanke through the entity 610 Lexington Property LLC for a retail condo (CC) at the 94-unit residential condo building at 100 East 53rd Street with an alternate address of 610 Lexington Avenue in Midtown East, Manhattan.
The deal closed on December 22, 2021 and was recorded on January 6, 2022.
The retail condo has 14,855 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,353 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Vanke was Kai-yan Lee. The signatory for Bastion Real Estate Holdings was Eric Stoerr.
(110005743)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 94 residential units on August 13, 2020.
This is a retail condominium unit with 5,148 on the ground floor, 6,640 on second floor and 3,067 on the lower level. There are 94 residential condo units in the building and this is the only commercial unit. RFR Holding and Vanke developed the property. Vanke’s Kai-yan Lee signed for the seller.  The lender on the troubled project, Industrial and Commercial Bank of China, in April 2021 sued to foreclose, but the case was discontinued in July 2021. 

Stoerr is a director at Crest Investment Company.  Bastion is located at the same address as Crest, in Houston, Texas.

Within a 400-foot radius of 100 East 53rd Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $5.0 million and two permits with a total initial cost of $19.3 million. The most recent of these three items was the filing on September 27, 2021 for a 525,890-square-foot E building with 0 residential units at 390 Park Avenue.
Of those six items, two were sales above $5 million totaling $246.0 million. The most recent of the two was Waterman Interests and Brookfield Office Properties which bought the 262,945-square-foot, 26-unit office building (O4) on 390 Park Avenue for $240.0 million from Korein family on May 27, 2020.
One of those six items was a loan which Korein family borrowed $30.0 million from Apple Bank For Savings secured by the 262,945-square-foot, 26-unit office building (O4) on 390 Park Avenue on December 7, 2020.

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