Starpointe pays $80.9M to Victor Group, Lendlease for 22 unsold condos in NoMad

277 Fifth Avenue (Credit: Google)

Starpointe Management through the entity Shokai 5th Avenue LLC paid $80.9 million to Victor Group and Lendlease through the entity Victor Nomad LLC for a bulk condominium (BS) purchase of 22 unsold residential units at 277 Fifth Avenue in NoMad, Manhattan.
The deal closed on November 2, 2021 and was recorded on November 24, 2021.
The 22 properties have 31,127 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,600 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 Victor Group and Lendlease was Ran Korolik and Scott Walsh. The signatory for Starpointe Management was Yan Zou.
(121193136)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 129 residential units on August 26, 2020.
This is a bulk sale of unsold condo units.
There was a condominium project filed with the address 281 5 Avenue and the name 277 Fifth Avenue Condominium on January 23, 2017. The principals of the sponsor, Victor Nomad LLC, were Moshe Shuster, Melissa Burch, and Nomad Properties Llc Lend Lease. link

Within a 400-foot radius of 277 Fifth Avenue, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, one was in new building development. It was a new building permit issued on November 26, 2019 for a 41,992-square-foot R-2 building with 49 residential units at 7 East 30th St.
Of those 12 items, five were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $12.4 million and two initial temporary certificate of occupancy issuances for projects that initially costed $1.6 million. The most recent of these five items was the permit on June 7, 2021 for a 13,984-square-foot A-3 building with N/A residential units at 1 West 29th Street.
Of those 12 items, two were sales above $5 million totaling $213.5 million. The most recent of the two was Vanbarton Group which acquired control of the development site (V1) on 11 West 29th Street valued at $161 million from HFZ Capital Group on June 17, 2021.
Of those 12 items, four were loans above $5 million totaling $209.4 million. The most recent of the four was Vanbarton Group which borrowed $89.4 million from Otera Capital secured by the development site (V1) on 11 West 29th Street on September 9, 2021.

Direct link to Acris document. link
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