Takenaka Corp. pays $8M to Nippon Club for commercial condo in Midtown West

Takenaka Corporation through the entity Amtad LLC paid $8 million to Nippon Club through the entity The Nippon Club, Inc. for the commercial condominium unit at 145 West 57th Street in Midtown West, Manhattan.
The building is divided into 18 commercial condo unit, with this unit being the largest with 17,106 square feet, mostly on floors two through seven of the 21-story building.
The deal closed on June 28, 2024 and was recorded on July 11, 2024. The property has 17,106 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $467 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 Nippon Club was Masaaki Maeda. The contract date was June 28, 2024. The Nippon Club is a nonprofit business and social club.

Takenaka Corporation is also known as TAK Development.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Takenaka Corporation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nippon Club had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Midtown West has 17,106 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 17,106 square feet. The city-designated market value for the property in 2022 is $8.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 23, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 26.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 35 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 302,527 square feet of the 608,474 square feet. The largest owner is S.W. Management, followed by Klosed Properties and then Andrew Moses.
On the tax block, there were two new building construction projects totaling 1,555,607 square feet. The largest is a 1,502,992 square-foot business (B) building submitted by Alchemy Properties and filed by Kenneth Horn with plans filed November 13, 2019 and permitted September 14, 2022. The second largest is a 41-unit, 52,615 square-foot residential (R-2) building submitted by Extell Development and filed by Michael Loeb with plans filed November 12, 2015 and it has not been permitted yet.

The majority, or 54 percent of the 608,474 square feet of built space are hotel buildings, with office buildings next occupying 18 percent of the space.

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