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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