Jon Stryker pays $21.6M for retail in Grand Central to control all commercial in building

Billionaire Jon Stryker through the entity 445 5th Retail LLC paid $21.6 million through a real estate owned to Torchlight Investors through the entity Dof Vi 445 Fifth, LLC. for three retail condominium units at 445 Fifth Avenue in Grand Central, Manhattan. With this purchase he now owns all 11 commercial condominium units in the tower, which also has residential condo units. He began buying in the building in 2019.
The deal closed on September 30, 2025 and was recorded on October 3, 2025. The three properties have 16,899 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,278 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 Torchlight Investors was Gianluca Montalti . The signatory for Jon Stryker was Mark O’Donnell . The contract date was September 30, 2025. Torchlight acquired the properties in a transaction valued at $40 million, which was the amount of the loan Torchlight as lender held with borrower Harbor Group International which bought the property for $68 million in 2015.

The transaction between Harbor Group and Torchlight looked like a deed-in-lieu but the transfer documents did not say deed-in-lieu.

Jon Stryker started buying the commercial condos in the building in 2019, starting with floors 8 and 9 and in 2021 bought an additional six tax lots. Those eight units cost about $60 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jon Stryker had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Torchlight Investors had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Grand Central has 16,899 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 9,100 square feet. The city-designated market value for the property in 2022 is $3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 7th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 9.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On the tax block of 445 5th Avenue, PincusCo has identified the owners of four of the 13 commercial properties representing 1,476,829 square feet of the 2,373,376 square feet. The largest owner is Vornado Realty Trust, followed by Larry Wohl and then Abramson Brothers.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 2.4 million square feet of built space are office buildings, with hotel buildings next occupying 2 percent of the space.

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