Prodigy Network sells office property in Flatiron for $41M, $10M less than purchase price

The entity 114 East 25th Ventures LLC, paid Prodigy Network’s 25th Street Property Owner LLC $41.3 million for 114 East 25th Street in Flatiron. The deal closed on June 12, 2020, and was recorded on June 16, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 48,236 square feet.
The average sale price per square foot is $857.

The buyer entity is an LLC in the care of the law firm Westerman Ball Ederer Miller Zucker & Sharfstein. The contract date is June 12, 2020, same as the closing date. The last time the property sold was June 30, 2016, when Rodrigo Niño’s Prodigy bought it for $51,081,540. It had $35 million of debt from Arbor Realty Trust.

Prodigy, which is now facing financial headwinds, went into contract for 114 East 25th Street and 331 Park Avenue South in 2015, The Real Deal reported. Prodigy bought 331 Park Avenue South for $52 million in 2017, and no subsequent sale has been recorded. Prodigy Network’s founder Rodrigo Niño died of cancer at the age of 50 last month.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 6, 2018.
Over the past five years, there have been 6 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 $2,500,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $2,180,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: A prior version of this article incorrectly wrote the company as Prodigy Networks. The correct spelling is Prodigy Network.