Softening condo market a major factor
Churchill Real Estate Holdings has acquired 163-167 East 62nd Street from Michael Paul D’Alessio for $18.2 million. The development site has 48 feet of frontage and allows for the construction of 19,036 square feet.
Flashback: Paul paid a total of $21.3 million for the properties at the height of the land market. With the slowdown in the luxury condo market, the project no longer penciled out.
Sound Smart: After beginning construction last year, Paul had a target sellout of $64.2 million, which comes out to $3,373 a foot. With the softening in the market, his basis was simply too high.