George Yancopoulos pays additional $20.4M, now owns most of Tribeca mixed-use for $32.2M

Biotech co-founder George Yancopoulos of Regeneron, paid an additional $20.4 million for three commercial condominium units and one residential unit at 50 Hudson Street, in Tribeca, Manhattan, on top of $11.8 million recorded the day before for two commercial units, bringing the total expended to $32.2 million. The building contains seven condominium units. One unit, 401 with the tax lot number 1305, has not been sold.

George D. Yancopoulos through the entity GLT Hudson Holdings, LLC paid $10 million to Eric Schlagman through the entity 50 Hudson LLC for the property at 50 Hudson Street in Tribeca, Manhattan. The expected use is owner-occupied.

The four units that sold and were recorded yesterday have a total of 9,562 square feet, or $2,133 per foot.
The deal closed on April 17, 2025 and was recorded on April 24, 2025.

The signatory for Eric Schlagman was Eric Schlagman. The signatory for George D. Yancopoulos was Barbara Diehl . The contract date was April 27, 2023. George D. Yancopoulos recorded two unit purchases totaling $11.8 million on April 23. All the sales went into contract on April 27, 2023, the same day the $25 million loan closed. Several months later, Yancopoulos provided an additional loan for $7.5 million, totaling $32.5 million. With the sales recorded, six of the seven units in the building totaling 15,003 square feet have sold to Yancopoulos for a total consideration of $32.2 million or $2,146 per foot. One unit, 401 with tax lot 1305, has not been sold to Yancopoulos, but the entire debt has been retired for all seven units.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer George D. Yancopoulos purchased three properties in three transactions for a total of $21.4 million and has no record it sold any properties over the past 24 months.
The seller Eric Schlagman had not purchased any other properties and sold two properties in two transactions for a total of $11.8 million over the same time period.

The property

The office condo in Tribeca has 3,425 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,425 square feet. The city-designated market value for the property in 2022 is $1.2 million. The most recent loan totaled $25 million and was provided by George D. Yancopoulos on April 27, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.5 times the average sales volume among other neighborhoods with $394.4 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 2.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 836,540 square feet of the 855,501 square feet. The largest owner is Stahl Real Estate, followed by Kenneth Maisler and then George D. Yancopoulos.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 855,501 square feet of built space are office buildings, with elevator buildings next occupying 2 percent of the space.

The buyer

The PincusCo database currently indicates that George D. Yancopoulos owned at least one commercial property with three residential units in New York City with 12,900 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

Direct link to Acris document. Unit 601 residential condo link
Direct link to Acris document. Unit 201 commercial condo link
Direct link to Acris document. Unit 102 commercial condo link
Direct link to Acris document. Unit 301 commercial condo link