what are all these sales at Wellington Tower?

http://streeteasy.com/nyc/closing/960037

$622 psft!!!!

The building has a good location - right at the corner of East 82nd and 1st
Avenue, not too far from East 79th Street. It looks like this immediate area is becoming a little nicer with the addition of a few new places like Blossom Restaurant and a nice cheese shop nearby. It used to be a little quieter on this stretch of streets.

The parent company of the LLC that sponsored the Wellington condo conversion appers to have rolled the cash from this bulk sale into a bulk purchase elsewhere, or they may have needed the cash to placate creditors.

As for motivation, I think these are mostly rental apartments with long-term tenants - probably market-rate, but hard to evict in the aftermath of recent court decisions. Maybe the buyer is content with a lower cap rate than the seller and/or has access to cheaper funding; or maybe they think cases like Sheffield are temporary setbacks and the legal pendulum will eventually swing the other way.

What does this kind of pricing to to the other resales that are happening in the building?

buyer11: I think it depends on what Brack does with the units now. If the apartments in this deal are tied up by existing leases, the impact is probably quite small (although low-priced comps are never good for sellers, even if there's a sensible explanation). On the other hand, if a significant number of these units turn up on the market, then obviously the impact will be much greater.