George Yancopoulos Acquires Significant Property in Tribeca
George Yancopoulos, a prominent figure in the biotech industry and co-founder of Regeneron Pharmaceuticals, has made headlines with the recent acquisition of multiple units in a mixed-use building located in Tribeca, New York City. According to recently released city records, Yancopoulos has obtained nearly all available condominium units in the property.
Details of the Purchase
Through his investment entity, GLT Hudson Holdings, Yancopoulos committed a total of $32.2 million to acquire five commercial units and one residential unit at
50 Hudson Street. The seller was identified as Eric Schlagman, who represented the property through his entity, 50 Hudson.
Property Specifications
The building, which is situated near the intersection of Hudson and Thomas streets, consists of a total of seven condominium units. The six units acquired by Yancopoulos encompass approximately 15,003 square feet. It remains uncertain whether he intends to purchase the seventh unit, although it has been reported that all existing debts associated with the entire property have been settled.
Future Use of the Property
Industry sources suggest that Yancopoulos may plan to convert the purchased units into office space. However, specific intentions regarding their use have yet to be confirmed.
Current Tenants and Business Landscape
The Tribeca building currently hosts a variety of tenants, contributing to the vibrant commercial environment in the area. Notable businesses include:
- Frank Darling – Jewelry Store
- Lotus Method – Physical Fitness Program
- MBH Architects – Architecture Firm
Comments from Engaged Parties
Details regarding the brokers involved in this significant deal have not been disclosed. A spokesperson for Regeneron has yet to provide a comment on the acquisition, and Schlagman has not been reachable for further insight.
For more information, you can reach Isabelle Durso at id****@****************er.com.