People say good things come to those who wait, but for a real estate closing, 17 months seems like a long time.
Leo Tsimmer’s Caerus Group finally closed Thursday on its $38.2 million purchase of the former Zionist Organization of America headquarters building, at 4 East 34th Street in Midtown, the Commercial Observer reported.
The investor went into contract on the five-story, 29,000-square-foot property – which holds an additional 52,300 square feet of air rights – in December 2014. At the time, Caerus planned to build a condominium building on the site featuring a retail component at the base. Tsimmer told Commercial Observer only that he plans to reposition the building.
Caerus also bought additional air rights from properties surrounding 4 East 34th Street, as The Real Deal previously reported. All told, the company paid around $70 million to $80 million for the building and the additional rights.
The deal’s closing was delayed by litigation brought against the Zionist Organization by a former retail tenant at the property, B. Boman & Co, operator of women’s clothing retailer Bolton’s.
Earlier this year, Caerus picked up the adjacent Ditson Building at 10 East 34th Street from Brause Realty, paying $51.7 million in an all-cash deal. [CO] – Ariel Stulberg