A year after buying the shuttered Roger Smith Hotel, Florida-based Timeshares Only sold the property at a loss. An entity connected to the Holiday Inn Club, 501 Lexington Development LLC, paid $30.3 million. Timeshares Only, using Timeshare Acquisitions At Lexington LLC, purchased the property in 2022 for $41 million.
The deal led seven transactions that hit city records between Jan. 29 to Feb. 2 in mid-market investment sales, trades worth $10 million to $40 million.
The other sales are listed below in order of value.
2. Japanese publishing company Kodansha paid $27 million for the six-story office building at 25 East 22nd Street in the Flatiron District. The Commercial Observer reported that seller Hannah Charitable put the building on the market last year after two non-profits left for larger spaces.
3. Yechiel Newhouse paid $26 million to Related Companies for the 238-unit apartment building at 1500 Noble Avenue in Parkchester, in the Bronx. Related paid $38 million for the property in 2014.
4. James G. Nicholas II through 241 West Broadway NY LLC paid $15.3 million for the mixed-use building at 241 West Broadway, Manhattan. John F. Viggiano signed for seller 241-243 West Broadway LLC., which owned the building since 1998.
5. An unknown investor paid $14.5 million to Philip Sprayregen for 803 Madison Avenue on the Upper East Side. Avison Young arranged the sale of the vacant retail and office property.
6. Walter Wilfinger through Webster Park Realty LLC paid $11.5 million to Verco Properties for the 87-unit residential building at 530 East 234 Street in the Bronx.
7. The New York City School Construction Authority paid $10.25 million to St. Nicholas Home Inc. for its shuttered facility at 443-437 Ovington Avenue in Brooklyn.