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UWS Building Sold Mid-Condo Conversion

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David Bistricer, principal of Clipper Equities, who is converting the Bossert Hotel on Montague Street back to its original transient hotel status.

David Bistricer, principal of Clipper Equities, who is converting the Bossert Hotel on Montague Street back to its original transient hotel status.

David Bistricer, principal of Clipper Equities, who is converting the Bossert Hotel on Montague Street back to its original transient hotel status.

David Bistricer’s Clipper Equity and the family-owned Rieder Holdings are switching their strategy with a nearly 200-unit Upper West Side rental building, which they were working on converting to condominiums, according to The Real Deal.

The partnership sold 752 West End Avenue for $120 million, according to records filed yesterday.

The buyer appears to be the Miami-based developer Crescent Heights.

It remains unclear why the partnership decided to sell, but the flip seems to have been successful as they paid $72 million for the property in 2010, as The Real Deal reported.

At the time, Bistricer told TRD they would keep the property rental. “We are long-term owners,” he said.

But in 2012, Bistricer and Rieder filed plans with the New York Attorney General’s office for a nearly $148 million conversion of the building to 197 condos, TRD reports.

The plan, which did not call for evicting current residents, was approved in June 2012.

While a number of units were eventually listed for between $555,000 and $1.6 million, with Douglas Elliman Development Marketing handling sales, no closings have so far occurred, according to StreetEasy and city property records.

Formerly a hotel known as the Paris, the 24-story property has three active sales listings and nine sales in contract. One is an 848-square-foot, one-bedroom unit asking $925,000. The priciest one in contract is a 926-square-foot, two-bedroom unit that had a $1.3 million asking price, TRD reports.

Meanwhile, Bistricer continues to work on various conversions, including chainging the Flatotel into residences and changing the Bossert Hotel back into a hotel.

Rieder Holdings sold a Williamsburg development site last October to Silverstone Property Group for $21.7 million, The Real Deal reported.

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