Discounted Bulk Condo Deals Spark Heightened Investor Interest

Tishman Realty, not to be confused with developer Tishman Speyer, has entered into contract to purchase a 70-unit block of sponsor units at the newly constructed Charlie West tower, located in Manhattan’s Hell Kitchen neighborhood at 505 West 43rd Street. The pending sale by the Elad Group, which constructed the 123-unit condominium that opened in 2019, could be a sign of more deals of its kind as new development sponsors become increasingly open to selling condos at struggling projects for a discount and moving on. The potential rise in opportunity has attracted a number of investors looking to take advantage of potentially significant discounts from the listed sponsor unit prices.