Nightingale pays $84.1M to Madison Realty for commercial property in Sunset Park

Nightingale Group through the entity Ohn 14 53rd St LLC paid Madison Realty Capital’s 14 53rd Street Owner LLC $84.1 million for the Whale Building at 14 53rd Street in Sunset Park. The deal closed on September 25, 2020, and was recorded on October 19, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 382,080 square feet. The parcel(s) have total development potential of 382,080 square feet.
The average sale price per square foot is $220.

Madison Realty, which bought the building for $82.5 million in August 2015, will keep a 25 percent stake and add $5 million in equity, according to the Commercial Observer.

The contract date was September 25, 2020. The signatory for Madison was Brian Shatz and for Nightingale, Elie Schwartz, company CEO.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 28, 2018.
Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,000,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $2,259,171.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Elie Schwartz