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Acquisitions

Jason Carter buys condo project out of bankruptcy

Jason Carter has acquired a stalled condo conversion project at 305 East 61st Street via bankruptcy auction for $51 million. Carter secured $30 million in financing from SKW Funding to close the deal, CO reported.

  • Dig Deeper: The asset comprises a total of 65,000 SF, and includes 14 residential units, plus a commercial component (14,800 SF). Formally an art storage facility, the redevelopment is nearly complete and had a projected sellout of $105 million. The commercial space was set to be leased to a spa – AIRE Ancient Baths – but it’s unclear if the lease will be finalized. 
  • Flashback: A Mitchell Marks-led partnership acquired the asset in 2016 for $40 million, and ultimately declared bankruptcy. Jason Carter was listed on the initial offering plan in 2016 as one of the sponsors.
  • Luxury condo market update: Fourteen contracts were signed last week at $4 million and above, the highest total in the last 4 weeks. The volume was $118.8 million the highest total since the third week in July. The largest sale was a 6,853-square-foot penthouse at Related’s condo at 520 West 28th Street for $24.975 million… When it was a sketch in floorplans four years ago, the unit at Zaha Hadid–designed condo overlooking the High Line was priced at $50 million. [CO+OlshanReport]

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