New York-based private equity real estate firm O’Connor Capital Partners sold the retail and commercial component of its Manhattan House property, currently undergoing a $1.1 billion condo conversion project.
New York-based buyer, Madison Capital, paid $86 million for the property, comprising 102,842 square feet of retail and commercial space, including seven street-level stores, office space, and a parking garage. Existing retail tenants at the property include Club Monaco, a subsidiary of Polo Ralph Lauren, and custom couture cleaner Madam Paulette.
The five-building Manhattan House complex, located in Manhattan’s Upper East Side, was acquired by O’Connor Capital in 2005. The investment was made through the firm’s opportunistic real estate vehicles, O’Connor North American Properties I and II, Brian Fallon, O’Connor Capital partner told PERE.
The Manhattan House complex was the firm’s largest individual investment, he added, totaling more than one million square feet of space. The property, located at 200 East 66th Street, had been designated as a historic landmark by the New York City Landmarks Preservation Commission in 2007.
The property’s residential component comprises one- to five-bedroom residential units. It also features the residents-only Manhattan Club, a spa, fitness center and private residential park.
Following the deal, O’Connor will retain the remaining portions of Manhattan House.
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