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They are located in a huge 57-story Manhattan condominium building apartment tower, known as the Corinthian at 330 East 38th Street on the West Side that the elder Spitzer completed in 1987.
It was such an enormous project, with 863 units in total, that either Bernard Spitzer couldn’t sell them all at the time in what had by then become a slowing housing market, so he decided to rent out the 144 units, which are non-contiguous, or it was a strategic policy decision to keep them for the long term.
Just in December Spitzer purchased a major development site in the new Hudson Yards neighbourhood, located at 511 West 35th Street, for US$88 million. The property, suitable for a mixed-use development with office, hotel, and residential components, was apparently also brokered by Massey Knakal.
Jeffrey Moerdler, a lawyer with Mintz Levin, who handles the legal work for many of Spitzer’s real estate deals in New York spoke to Crain’s saying, “Eliot is very sensitive to the fact that the family has extracted as much value as it can from some of the assets it owns, ” adding, “He’s trying to monetize those buildings and reinvest in assets that have the opportunity to generate new value.”