The Rockefeller Group has bought three NoMad buildings and its surrounding air rights for $98.68 million.
The deal, which was announced by Eastern Consolidated’s Institutional Advisory Group, involves 30-36 East 29th Street. The 170,000 s/f assemblage, which is located between Park Avenue South and Madison Avenue, will be razed to give way to a condo development with almost 100 feet of frontage on East 29th Street.
There were three sellers in the transaction: Extell Development for 30-32 East 29th Street, the W Brothers for 34 East 29th Street, and 29th Street Partners LLC for 36 East 29th Street.
“It took about a year to put this assemblage together because it involved three separate properties and three different owners, but we persisted and ultimately the site attracted a strong, all cash, institutional level buyer,” said Eastern Consolidated’s Brian Ezratty, who represented the sellers. “This transaction proves that investors are still interested in developing residential buildings on well-located sites in Manhattan.”
Rockefeller Group is best known for building the Rockefeller Center in 1928. Its portfolio in New York City includes 1271 Avenue of the Americas, 1221 Avenue of the Americas and 745 Seventh Avenue. It is also partnering with F&T Group and AECOM Capital for the 1.8 million s/f Flushing Commons mixed-use development in Queens.
An Eastern Consolidated team composed of Ezratty and Ron Solarz procured the buyer. Meanwhile, Scott Ellard served as the analyst for the deal.