Olshan Co-Counsel in Sale of Midtown South Office Building for $72M

Crain’s New York Business (subscription required), The New York Post and CoStar (subscription required) have reported on the sale of a Midtown South office building by an investor group that was once home to a major WeWork location. The buyer is evaluating whether to convert the building to residential condos, which would mark the neighborhood's first office-to-condo conversion since the pandemic began. The 20-story, roughly 200,000-square-foot building at 419 Park Avenue South was sold to The El Ad Group for approximately $72 million. The conversion could include about 100 condos and will also likely include retail space on the building’s second floor. The Olshan team that represented one of the investor groups in this deal included Chair of Olshan’s Tax & Personal Planning practice Warren Gleicher, Co-Chair of the firm’s Real Estate Law practice Thomas Kearns, real estate partner Jessica Stanton, real estate associate Sari Kreutzer and corporate associate Joshua Park.