Upland Property Advisors announced the completion of the first major bulk condominium sale in New York City since the pandemic. Led by founding partners Yoav Oelsner and Glenn Tolchin, the 70-unit transaction included all of the remaining market-rate units in the building known as Charlie West at 505 West 43rd Street. Tishman Realty purchased the units for $87.4 million in cash consideration, plus a carried interest for the seller. Mi & Co Development built the 122-unit building in 2018. Upland Property Advisors represented the buyer, and also arranged for the $59.7 millionacquisition financing through BHI USA.
“We’re very pleased to have successfully arranged this complex transaction in these challenging times,” said Yoav Oelsner. “Very little similar product has transacted during COVID, and it took a lot of creativity and analysis to bring about a meeting of the minds.” Upland Property Advisors’ success in negotiating a new loan was also a key factor in completing the transaction.
There is strong investor interest in bulk condominium acquisitions, particularly in well-located new developments such as Charlie West. Despite this intense demand, lender release price restrictions and other workout issues have delayed many potential transactions.
“Actively engaging with all stakeholders is critical,” said Glenn Tolchin. “As sellers, buyers, and lenders gain clarity on pricing and appropriate deal structures, we expect a pronounced increase in volume of bulk condominium transactions.”
