Tishman Realty pays $90M to Elad Group for 70 unsold condos in Clinton

Tishman Realty, through the entities CW Condo 1 Acquisition LLC and Cw Condo 2 Acquisition LLC, paid a total of $90 million to the Elad Group through the entity 1818 Nadlan LLC for 70 condos (SC) at 505 West 43rd Street in Clinton.

The deal closed on April 20, 2021 and was recorded on May 4, 2021.

The 70 properties have a combined 76,949 square feet of built space and 0 square feet of additional air rights for a total buildable of 0 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,189 per the PincusCo analysis.

The signatory for Elad Group was Orly Daniell. The signatory for Tishman Group was Jennifer Nellany.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 131 residential units on June 18, 2020. (121187456) Plans for a 131-unit, 151537.0 square-foot R-2 were filed on September 24, 2014. There was a condominium project filed with the address 505 West 43rd Street and the name Coop Ownership Of The Inclusionary Unit Of Charlie West Condominium – *see Cd160304* on April 4, 2019. The principals of the sponsor, 1818 Nadlan Llc, were Elad Sharon and Orly Daniell. link

Tishman Realty also signed a $59.7 million acquisition loan with Bank Hapoalim for the 70 condo units.

This acquisition follows reporting from The Real Deal in February that Elad and Tishman were in contract to go forward with the sale. The Real Deal reported that Tishman plans to sell the condos over time.

Direct link to Acris document. link