RiverTower - for sale and it shows
Started by CondoCon
almost 11 years ago
Posts: 0
Member since: Dec 2011
Discussion about Oriana at 420 East 54th Street in Sutton Place
There is a lot of evidence that suggests this building is for sale and likely converted to condo's. The Daily Deal had a segment on it a couple months ago... If actions speak louder than words, it is definitely for sale. Having spent years repointing the exterior, the water fountain leaks, the elevators have more and more issues and overall capex is nominal at best. Almost like they know someone is going to tear it all out and start over... They have been consolidating apartments on the top floors and raising rents, as if to test the market prove the viability as a high end condo option. Many of the top floors are occupied by multi year tenants, suggesting they are in on the deal... Needless to say, change is afoot here.
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I saw that rumor. I lived there for a few years and left as soon as Equity Residential bought it it. Top floor - I remember when Macklowe moved out and they did all the work on his unit. Tenants on the high floors I knew weren't "insiders" of any sort. That was about 4 years ago. I think overall ER is a terrible land lord and that's that. Only they know the math of convert/sell vs stay rental, but I'm sure it'd be profitable since they bought in the downturn.