Â
3650 REIT Provides $51M Refi on Midtown Residential Properties
Sachs Companies had purchased 210 East 58th Street and 155 East 55th Street in 2021
A pair of Midtown residential buildings that sold during a messy fire sale three years ago have just been refinanced.Â
Real estate investment firm Sachs Companies has secured $50.5 million to refinance two 13-story residential buildings with a combined 161 rental units at 210 East 58th Street and 155 East 55th Street, according to property records. PincusCo first reported news of the financing.Â
SEE ALSO: Namdar and Empire’s 345 Seventh Avenue Headed to UCC Auction
3650 REIT provided the loan. Curtis Sachs, principal at Sachs, signed both loan documents, while no brokers were listed on the transaction.Â
Sachs had purchased both buildings from investor Alvin Dworman in June 2021 for $38 million and $47 million, respectively.Â
Dworman had previously owned 65 West 55th Street, 155 East 55th and 210 East 58th, but sued his partners in 2019, alleging mismanagement. Crain’s New York Business reported at the time that Dworman’s lawsuit was settled through arbitration and he was ordered by a New York State Supreme Court to auction the buildings and liquidate the partnership while recouping proceeds for its members from the flash sales.Â
The three properties contained a total of 240 apartments and about 100,000 square feet of office space, plus additional ground-level retail stores and parking facilities, according to Crain’s. Â
Sachs also purchased 65 West 55th but offloaded it to Korean investor John Choi for $36 million last month, as Commercial Observer previously reported.
The property at 210 East 58th, also known as Picasso House, is a 105-unit, 13-story rental building built in 1959 and renovated in 1983. It spans roughly 84,000 square feet and features an elevator, a parking garage, a laundry room and a doorman.Â
A few blocks away, 155 East 55th is a mixed-use rental and office property and serves as the corporate headquarters for Sachs. The building features 56 rental units, 46 commercial units, and contains a total of 137,136 square feet of mixed-use space, according to PropertyShark.  Â
3650 REIT and Sachs Companies did not respond to requests for comment. Â
Brian Pascus can be reached at bpascus@commericalobserver.com.Â
155 East 55th Street, 210 East 58th Street, 3650 REIT, Alvin Dworman, Curtis Sachs, 3650 REIT, Sachs Companies
  Â