Regeneron co-founder pays $11.8M for Tribeca comm condos, owns adjacent building

An entity affiliated with George D. Yancopoulos, the co-founder of the biotech company Regeneron, paid $11.8 million to Eric Schlagman for one retail and one office condominium unit at 50 Hudson Street in Tribeca, Manhattan, in two transactions.
In 2023, Yancopoulos lent Schlagman $25 million as new financing for the building. In 2024, Yancopoulos paid $9.6 million for the adjacent building at 44 Hudson Street.

In the larger sale, George D. Yancopoulos through the entity GLT Hudson Holdings, LLC paid $8.9 million to Eric Schlagman through the entity 50 Hudson LLC for the 5,496-square-foot unit 501, which is the fifth floor at 50 Hudson Street in Tribeca, Manhattan.
The deal closed on April 17, 2025 and was recorded on April 23, 2025. The property has 5,496 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,619 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.)

In the smaller sale, George D. Yancopoulos through the entity GLT Hudson Holdings, LLC paid $2.9 million to Eric Schlagman through the entity 50 Hudson LLC for the retail condo at 50 Hudson Street in Tribeca, Manhattan.
The deal closed on April 17, 2025 and was recorded on April 23, 2025. The property has 1,945 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,491 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 Eric Schlagman was Eric Schlagman. The signatory for George D. Yancopoulos was an attorney, Barbara Diehl . The contract date was April 27, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer George D. Yancopoulos purchased one property in one transaction for a total of $9.6 million and has no record it sold any properties over the past 24 months.
The seller Eric Schlagman had not purchased any other properties and had not sold any properties over the same time period.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 836,540 square feet of the 855,501 square feet. The largest owner is Stahl Real Estate, followed by Kenneth Maisler and then George D. Yancopoulos.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 855,501 square feet of built space are office buildings, with elevator buildings next occupying 2 percent of the space.

The buyer

The PincusCo database currently indicates that George D. Yancopoulos owned at least one commercial property with three residential units in New York City with 12,900 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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