OKO Group sells resi condo for $75.9M at 730 Fifth in Midtown West
730 Fifth Avenue (Credit - Google) (1)
The entity Albatross Apartment LLC paid $75.9 million to OKO Group through the entity 730 Fifth Upper, LLC for unit 20A at the Crown Building at 730 Fifth Avenue in Midtown West, Manhattan.
The deal closed on July 5, 2022 and was recorded on July 7, 2022.
The signatory for OKO Group was Vanessa Grout. The signatory for Albatross Apartment LLC was Bhavnita Gosrani and Abigail Tipton. This is for unit 20A. The buyer signatories Bhavnita Gosrani and Abigail Tipton are from the ZEDRA Group, which manages assets for wealthy individuals..
The block
On this tax block, PincusCo has identified the owners of 11 of the 31 commercial properties representing 1,416,135 square feet of the 1,997,852 square feet. The largest owner is LeFrak, followed by Brookfield Properties and then Wharton Properties. There is one active new building construction project totaling 383,134 square feet. It is a 80-unit, 383,134-square-foot R-2 building developed by Anthony Calicchio with plans filed April 17, 2018 and it has not been permitted yet.
The majority, or 70 percent of the 1.6 million square feet of built space are office buildings, with residential elevator buildings next occupying 19 percent of the space.
Surrounding
Within a 400-foot radius of 730 Fifth Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $636,000. The most recent of these two items was the filing on February 3, 2022 for a 262,870-square-foot B building with 11 residential units at 711 5th Avenue.
Of those six items, four were loans above $5 million totaling $810 million. The most recent of the four was Trump Organization which borrowed $100 million from Axos Bank secured by 257,025-square-foot, commercial condo unit in the mixed-use building (RM) on 725 5th Avenue on March 8, 2022.
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