Durst’s 205 E 42nd St Trades for $165M

Investor David Werner has purchased all 32 commercial condo units within the approximately 405,399-square-foot building at 205 East 42nd Street, as well as the ground lease. The sale by the Durst Organization reportedly fetched a combined total of $164.7 million. Information posted on city records include four transactions totaling $150 million — $11,347,216 for units 1001 through 1006, Unit 1009 and Unit 1030; $15 million for units 1013-1014, 1022-1025, 1027-1029, and 1031-1032; $62,217,785 for Units 1001-1032; and $61.435 million for the ground lease dated June 4, 2012 that indicates the term of the Lease “shall expire on the day preceding the thirtieth (30th) anniversary of the Possession Date…..” originated by Durst simultaneously to the condo declaration. The sale closed on November 10 and an existing $108 million Citibank mortgage that upon assignment to JPMorgan Chase Bank was reduced to $104 million. According to press at the time, between 2012 and 2014 a trio of 30-year leaseholds were secured — the City University of New York (CUNY) secured 170,000 square feet in September 2012, paying approximately $119 million, the United Way secured 50,000 square feet in July 2013 at an estimated deal value of $60 million, and FedCap Rehabilitations secured a 49,122-square-foot building-within-a-building deal in May 2014, paying about $11.130 million. More recent lease deals include a 41,000-square-foot lease on floors 19 through 21 by flexible space provider Serendipity Labs in early 2023.

Source:    https://www.crainsnewyork.com/real-estate/david-werner-buys-205-e-42nd-st-durst-org