Namdar, Klosed pay $7.3M for mixed-use walk-up on Billionaires’ Row

Namdar Realty Group and Klosed Properties through the entity 117 W 57 Bh LLC paid $7.3 million to Peter Loucas and Penelope Fletcher through the entity 117 West 57th Street Realty Corp. for seven-unit rental (C7) at 117 West 57th Street in Midtown, Manhattan.
The deal closed on November 4, 2021 and was recorded on November 26, 2021. Traded New York reported the brokers were Douglas Elliman’s Hillel Horovitz and William Etheridge.
The property has 9,755 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $748 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 Peter Loucas and Penelope Fletcher was Penelope Fletcher. The signatory for Namdar Realty Group and Klosed Properties was Steven Kashanian.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the building from a RES to a R-2 and were permitted on December 22, 2009.
Extell Development acquired the air rights for this parcel for the development of 157 West 57th Street. Namdar’s entity acquired 85 percent, Klosed with 6%, and two other entities with a total of 9%.
The former owner according to the Department of Housing Preservation and Development was Penelope Fletcher, individual owner.
Within a 400-foot radius of 117 West 57th Street, PincusCo identified 19 commercial real estate items of interests occurred over the past 24 months.
Of those 19 items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $675,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $19.2 million. The most recent of these three items was the temporary certificate of occupancy on March 30, 2021 for a 111,074-square-foot R-1 building with 214 residential units at 101 West 57th Street.
Of those 19 items, 12 were sales above $5 million totaling $349 million. The most recent of the 12 was Cloud Central Limited Partnership which bought one condo unit in the 6,240-square-foot, 135-unit mixed-use building (RM) on 157 West 57th Street for $35.5 million from Rebecca Ann Moores on October 6, 2021.
Of those 19 items, four were loans above $5 million totaling $270.4 million. The most recent of the four was Jerome Cohen family which borrowed $55.0 million from John Hancock Life Insurance Company secured by the 143,914-square-foot, 93-unit office building (O6) on 1400 Avenue Of The Amer on October 19, 2021.

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