Landlord Joseph Noormand has closed on his acquisition of a development site at 402 West 38th St., near Manhattan's Hudson Yards district, from Equity Residential, in a deal worth more than $33M.
In December, MADDD West 38 LLC, which lists Noormand as its owner, filed for emergency Chapter 11 bankruptcy protection in the hopes of avoiding forfeiture of a $9.5M deposit it paid to Chicago-based Equity for the property early last year. MADDD West 38 LLC had entered into a contract to buy the property for $33.4M in March 2016.
On Feb. 24, according to court filings, the Chapter 11 plan for Noormand's Meyerson Management Corp. to acquire the site was approved. The New York Eastern bankruptcy court brought MADDD West LLC out of bankruptcy protection on Feb. 27 and the deed transfer on the property was recorded by New York City Monday afternoon.
Meyerson was able to close on a $31.5M acquisition mortgage from an affiliate of G4 Capital Partners to buy the land, according to public records. The property, also known as 403 West 37th St., is zoned for 68K SF of residential or 23K SF of office by-right.
A representative for Meyerson Management said no one was available to comment about the deal as of press time.
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