Turkey’s second-largest bank, VakifBank pays $16.5M to Witkoff Group for office condo in Grand Central

VakifBank through the entity NY 42056 Owner LLC paid $16.5 million to the Witkoff Group through the entity 420 Owner LLC for an office condominium unit at 420 Fifth Avenue in Grand Central, Manhattan. The expected use is owner-occupied.
The deal closed on January 20, 2026 and was recorded on January 30, 2026. The property has 29,250 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $563 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 seller bought the property in a four condo-package on December 22, 2006, for $61.8 million. The signatory for Witkoff Group was Scott Alper . The signatory for VakifBank was Hakki Senel . The contract date was December 24, 2025. This is the second largest bank in Turkey. Witkoff bought the four commercial condo units in 2006 for $61.75 million from Invesco. It sold two of the units previously and still owns the fourth, according to a review of city records.

Prior sales, articles and revenue

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

The property

The office condo in Grand Central has 29,250 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 29,250 square feet. The city-designated market value for the property in 2022 is $11.3 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 August 16, 2012. 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 Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 5th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 8.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 32 commercial properties representing 779,143 square feet of the 1,281,796 square feet. The largest owner is Jay Suites, followed by Rosen Equities and then Hilson Management.
On the tax block, there was one new building construction project filed totaling 65,961 square feet. It is a 200-unit, 65,961 square-foot hotel/dormitory/shelter (R-1) building submitted by William Obeid with plans filed July 19, 2013 and permitted July 12, 2018.

The majority, or 76 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Witkoff Group owned at least one commercial property in New York City with 824,727 square feet and a city-determined market value of $260.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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