Gideon Platt’s GP Properties inks $32M contract for Melohn building, down from $41M 2020 price

The Melohn Foundation, a nonprofit affiliated with the Melohn family of the Melohn Group and Melohn Capital, filed a petition as a nonprofit seeking permission to sell the 54,838-square-foot, 52-unit mixed-use building at 105 West 55th Street in Midtown West in Manhattan, for $32 million to Gideon Platt, of GP Properties. 

This is the second attempt to sell the property in two years. A prior effort to sell it for $40.75 million in 2020 to Benjamin Aryeh and other Aryeh family members was scrapped after the buyers accused the sellers of improperly signing leases for residential tenants and other issues.

The new purchase and sale agreement was signed April 28, 2021 and identifies Cushman & Wakefield as the sole broker, but does not identify the individual agent. The entire court filing is here. The signatory for the Melohn Group was that company’s president and CEO, Alfons Melohn. The signatory for GP Properties was Gideon Platt.

According to an addendum to the purchase agreement, in April 2021, of the 58 commercial and residential spaces, 33 were occupied and 25 were vacant.

The Acris link.