Camber, Standard Property buy bankrupt building with $40.3M transfer value

Camber Property Group and Standard Property through the entity 440 W 41 Owner LLC acquired from to GC Realty Advisors as the manager for the bankrupt Sholom Jacobs asset through the entity West 41 Property LLC, the 100-unit rental (D6) at 440 West 41st Street in Clinton, Manhattan. The value of the transfer was $40.3 million, according to city records.
The deal closed on May 6, 2021 and was recorded on June 9, 2021.
The property has 64,662 square feet of built space and 9,578 square feet of additional air rights for a total buildable of 74,260 square feet according to PincusCo analysis of city data. The sale price per built square foot is $623 and the price per buildable square foot is $542 per the PincusCo analysis.
The bankrupted seller bought the property on 24-Apr-15, for $27.8 million.
The signatory for GC Realty Advisors and the bankrupt Sholom Jacobs asset was David Goldwasser. The signatory for Camber Property Group and Standard Property was Rick Gropper.
Over the past five years, there have been 3 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 $2.6 million. Those filings sought to increase the number of residential units by 18 to 210.
Camber bought the property out of bankruptcy, with the contract date June 23, 2020. Developer Sholom Jacobs purchased the property in April 2015 for $27.8 million and obtained $28 million loan from Stabilus Capital Management.
The former owners according to the Department of Housing Preservation and Development included David Goldwasser, head officer and Diana Puro, agent. The business entities were West 41 Property Llc and West 41 Property Llc.

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