In a significant real estate transaction, Premier Equities has finalized its acquisition of a luxury condominium tower in Midtown East. According to city records made public on Friday, the firm purchased the 68-unit building located at 200 East 59th Street for $31.3 million.

Details of the Purchase

The acquisition was completed through an entity named Premier 200 East 59th Street, which bought the 35-story structure from Alpha Investment Partners, part of the Singapore-based Keppel Capital asset management firm. The deal was signed by Yaron Jacobi, a founding partner of Premier, on behalf of the buyer, while Tai Wai Kit represented the seller under the name MIPA 59/Third Owner.

As of the latest reports, details surrounding the brokerage involved in this deal remain undisclosed, with representatives for both Premier and Keppel not providing comments at this time.

Background of the Property

The condominium tower had previously been owned by Harry Macklowe, who, after struggling to sell any units since its launch in 2017, transferred his stake to Alpha in November 2019. At that time, Macklowe’s ownership was valued at approximately $4.8 million, but the sales had only succeeded in moving seven of the 68 apartments available.

In a turn of events, the building gained financial support in June 2020 when United Overseas Bank from Singapore issued a $204 million loan aimed at facilitating the sale of 61 unsold condominiums, along with an 18,000-square-foot commercial unit nearby.

Current Market Listings

The current pricing for available apartments in this luxury tower ranges significantly, with one-bedroom units starting at $1.7 million and four-bedroom residences priced at up to $42.5 million, as listed on the building’s official website.

Future Prospects and Developments

While specific future plans for the property by Premier Equities have not been disclosed, it’s noteworthy that the firm recently acquired a retail site in Flushing, Queens, for $27 million, as reported by the Commercial Observer.