Healthcare data exec snaps up Woolworth condo at 40% discount

first_img Share via Shortlink The tower’s five-story penthouse, known as the Pinnacle, lowered its asking price to $79 million from $110 million.Pavilion B’s price dropped to $15.95 million, according to the offering plan, and was first listed publicly in October. Its price dropped again to $14.75 million in January, and Pandey and Joshi agreed to buy the unit later that month. They closed the sale two weeks later in cash.The deal came roughly a month after Pandey sold his company, Deerwalk, to Cedar Gate Technologies, a Connecticut-based healthcare performance management company backed by private equity firm GTCR and venture fund Ascension Ventures. The financial terms of the deal were not publicly disclosed.Deanna Kory and Lynn Nguyen of the Corcoran Group had the listing. A representative for the couple and Pandey’s company did not immediately respond to requests for comment, nor did the brokers or developer.The transaction is emblematic of the strong demand for new development and the deep discounts buyers are able to demand.Since the final quarter of 2020, new development condo sales have been picking up. During the first 11 weeks of 2021, condos accounted for 70 percent of the luxury properties asking $4 million or more in Manhattan. Of those 208 condos, 56 percent were being sold by developers, according to the most recent Olshan Realty report.Alchemy has sold 22 of 32 condos at the project, according to property records. Another two are in contract.Contact Erin Hudson UPDATE: This story was updated to include the full sales count at the project. Message* Woolworth Tower with Rudra Pandey and Alchemy Properties’ Ken Horn (Getty, Wikipedia Commons)UPDATED, March 10, 2021, 6:57 p.m.: After selling his company late last year, healthcare data entrepreneur Rudra Pandey snapped up a sprawling condominium at the Woolworth Building at a hearty discount.Founder of healthcare software company Deerwalk, Pandey and his wife Muna Joshi, purchased a 4,623-square-foot unit on the 29th floor of the tower last month, property records show. The unit sold for $13.5 million, or $2,920 per square foot.Their unit, dubbed Pavilion B, spans two levels and includes two large outdoor terraces that total nearly 1,250 square feet. Developer Alchemy Properties had initially aimed to sell it for 40 percent more, or $22.6 million, according to the condo’s initial offering plan filed in 2014 with the Attorney General’s office. But as Manhattan’s luxury condo market softened, so did prices.ADVERTISEMENTIn 2019, Alchemy lowered prices at the 32-unit project, which occupies the upper 30 floors of the Woolworth Building, by nearly 10 percent. “We realize that the market has fallen a bit, and we’re realistic,” said Ken Horn, Alchemy’s founder and president, to the Wall Street Journal at the time.Read morePenthouse at Ian Schrager’s Public Hotel sells at a lossOne57 resident pays $5.2M to swap 2-bed for duplex220 Central Park South’s first resale in the workscenter_img Full Name* Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

New ERRV joins Sentinel Marine fleet

first_imgScottish offshore support vessel provider Sentinel Marine has taken delivery of a new multi-role emergency response and rescue vessel (ERRV).Sentinel said on Thursday that the vessel, named Biscay Sentinel, was the seventh such vessel in the company’s fleet with a further two under construction and due to enter service later this year.Biscay Sentinel was delivered at the Cosco Guangzhou shipyard in China this month and is expected to arrive in Aberdeen in early May.The company added that the vessel would immediately join Sentinel’s fleet of ERRVs operating in the North Sea providing services to the oil and gas industry.“Rather than retrofitting existing vessels, we have invested significantly in creating a unique fleet of custom-built ERRVs, ensuring they are kitted out with the latest onboard technologies and crew facilities,” Sentinel said.According to the company, the multi-role ERRVs in its fleet can take on multiple roles while at sea. Apart from its primary role of protecting and saving lives, the vessels can be used for a range of secondary tasks, ranging from cargo storage to oil recovery.Rory Deans, CEO of Sentinel, said: “The offshore environment can be unpredictable, and so safety is of the utmost importance to operators working at sea. We are delighted to be adding Biscay Sentinel to our fleet to ensure that we continue to offer our clients an unparalleled service, backed up by the latest technology available.“Many ERRVs in operation are repurposed fishing or supply vessels, however by designing our fleet from the ground up, we have been able to ensure that it is fully equipped with everything our crews require to keep our clients safe offshore.“Multi-role vessels like Biscay Sentinel provide a greater flexibility for our clients […] they can also be used across a range of other tasks, including rescue towing and dynamic positioning.”The Biscay Sentinel is 62 meters in length, 15.5 meters wide, can accommodate 26 people, and has a 26-bed recovery area along with a 75-seat recovery area.last_img read more