Developer Michael Paul Enterprises sold an Upper East Side property assemblage, a few blocks from Central Park, for $18.2 million. The properties sold at 163-167 East 62nd Street included the former home of actress Brooke Shields at 165 East 62nd. She purchased the home in 1982 from two-time Oscar nominated composer, George Barrie, who had lived there for 16 years.
As reported by the Real Deal, in 2015, Michael Paul Enterprises had purchased 163-165 East 62nd Street for a combined $14.05 million. The construction management firm planned to build a six-story, five-unit building at the site. Then last year, the company purchased neighboring 167 East 62nd Street for roughly $7.2 million. It expanded its project, planning for a seven-story, 10-unit building. With the sale of the properties, the condo development plans have been abandoned. Michael Paul Enterprises made no immediate comment on his decision to sell.
The buyer, Churchill Capital Management, has been active of late. Last month, Gary Podell’s Churchill partnered with Square Advisors to purchase 5-7 Mercer Street in Soho for $21 million. In July, they also paired to buy three contiguous rental buildings at 439-443 West 48th Street, in Hell’s Kitchen, for $15.5 million. The 34 market-rate apartments there were purchased from Yaron Finkelstein.
Other recent real estate news for the Upper East Side includes a new townhouse listing for $39 million at 22 East 67th Street, for sale by Philip Falcone, former hedge fund manager. Also, JMC Holdings recently secured a loan for $51 million with which it will buy one of New York REIT’s last properties from their liquidation, namely the office building at 306 East 61st Street. The loan from Square Mile Capital Management will cover the $47 million cost of purchasing the Lenox Hill building, plus capital improvements and leasing costs associated with the deal. JMC hopes to transform the building into a posh boutique building.
By: Ellen Cans