Some sellers are adding clauses to deeds to ensure they are not giving up any future upside.
The narrow 9,148-square-foot townhouse at 36 E. 57th St. by Macklowe's soaring on 432 Park Ave. was just sold for an eye- popping $65.25 million, or $7,133 per square foot. The price also equates to about $1,763 per square foot for its 37,000 buildable square feet.
The seller was the Goldman family's Solil Management in partnership with Stanley Chera's Madison Equities to a buying entity owned by Richard Zirinsky.
The Real Deal reported the sale on Monday, but did not notice that Chera was a 50-50 partner with the Goldmans, TRD also didn't catch an unusual provision for the astute sellers to capture more moola if the property is flipped in the next two years.
The deed states: "HOWEVER, no subsequent sale of the premises, or transfer of an interest in the Grantee, may occur before July 30, 2016, without payment of additional consideration to Grantor herein in accordance with Section 53 of the contract of sale between 36 E. 57th Street LLC and New York Medical Investors, LLC dated July 14, 2014."
While none of the parties or lawyers would comment, one source noted, "It's a good price but no one wants to leave money on the table."
It seems the Goldmans are not the only ones who want a slice of future transactions.
Two years ago, seller Andrew Impagliazzo of West End Properties, put in an everlasting clause in the deed that transferred 558 W. 44th St. just east of Eleventh Ave., to his then-tenant for $5 million.
"That clause went in there because there [will be] a big upside," said Impagliazzo who laughed when we asked him about his "smart" clause that keeps on giving.
That's because the two-story auto-repair shop is adjacent to the full block front Market Diner and a parking lot between W. 43rd and 44th streets now owned by Joseph Moinian.
Moinian had tried to buy No. 558 but walked away, Impagliazzo said. Now, if the tenant to whom the deed was transferred or an affiliated entity or family member redevelops that parcel or sells it or sells air rights for more than $10 million, Impagliazzo will receive $500,000. And he will keep getting that $500,000 every time a transaction of $10 million takes place from now until forever.
Moinian did not return requests for comment.
It is unclear if that ongoing clause breaks what is known by lawyers as the "law against perpetuities."
Sources tell us the Archdiocese also inserts a similar clause when it sells properties to ensure it gets a percentage of any profits from future sales — but only those made within a few years. "Nobody wants to look stupid," said one broker, on condition of anonymity.
The Goldman/Chera deed restriction ends after two years. The 24-foot wide building on East 57th Street has 8,650 square feet on six stories. It was initially purchased by the families in the mid-1980s from the Stein estate along with the larger and "meatier" 598 Madison, 743 Fifth and 19 E. 57th St.
Over the years, Christian Lecroix, Mont Blanc, Piaget and Oxford Clothes have occupied the ground floor. Now, according to CoStar data, the entire building can be rented for $2.5 million per year through Jason Pruger of NGKF Retail. He also declined comment through a spokeswoman.
The Goldmans and Chera never sold any air rights to Harry Macklowe and his partners, the CIM Group, for the ever-rising 84-story, 519,229-square-foot luxury 432 Park Ave. that should soon finish its drive into the clouds. That building is already so tall, that it has taken over the skyline, already dwarfing the over-900 foot One57 a few blocks west.
Another Broadway producer has opted to remain on the Great White Way. Key Brand Entertainment which develops, produces, distributes and markets Broadway theater worldwide, is not only staying, but doubling in size at the iconic Brill Building at 1619 Broadway.
The firm has just expanded to 33,774 square feet by adding the entire eighth floor of 16,887 square feet to its ninth floor of the same size. The rent starts in the high $50s per square foot.
Brian Goldman, Josh Gosin and Daniel Hassett of Newmark Grubb Knight Frank represented Key Brand. Building owner Brickman, and Allied Partners were represented in-house by Brickman's Paul Kotcher.
The Tony Award-winning company led by John Gore currently has numerous productions on Broadway including "Kinky Boots," "Beautiful" and "Rocky."
The beautiful Carole King, Neil Sedaka and Phil Spector were among the building's original songwriting and producing tenants.
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