Single condo resales don't make our institutional ledger, but when a sponsor unloads a five-unit bulk package of remaining penthouse and street-level commercial units inside Tribeca's most famous paparazzi-proof landmark, the wholesale discount is worth studying. John Tashjian's Centurion Real Estate Partners paid $32.5 million ($1,757 per square foot) to acquire the 18,500-square-foot bulk sponsor package at 443 Greenwich Street—nearly 17 percent below the $39 million aggregate release price from 2018. When the deed closed on January 4, 2026, Centurion Real Estate Partners (John Tashjian) had officially taken down 443 Greenwich Street from Metro Loft Sponsor Residual Holding for $32.5 million, with CBRE brokering the trade.
Look past the headline figure and the story is all about the basis reset. The 18,500-square-foot building last traded in January 2018 for $39 million. Stepping in at $1,757 a square foot—or $6,500,000 a door across its 3 apartments— shaves 16.7 percent off that prior valuation, giving Centurion Real Estate Partners (John Tashjian) a margin of safety that would have been unthinkable at the top of the cycle.
Fortress Writes 65% on a Wholesale Tribeca Inventory Play
The real tell in any Manhattan closing sits on the debt side of the ledger. To fund the purchase, Centurion Real Estate Partners (John Tashjian) locked in a $21.12 million senior condo inventory & commercial bridge loan from Fortress Investment Group at 65 percent loan-to-value.
That loan commitment meant the buyers only needed to write a $11.38 million equity check to control a 7-story, 1883-vintage Tribeca asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $11.38 million of real cash equity and a basis of $1,757 a square foot, lenders like Fortress Investment Group are wide open for business.
From Our Desk
When we look at 443 Greenwich Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and lender selection. Centurion Real Estate Partners (John Tashjian) didn't try to fight the tape—they bought Tribeca footage at $1,757 a square foot and paired it with the exact lender bucket built for this business plan. Sponsor condo inventory loans used to carry punitive rates, but when a buyer steps in at a wholesale bulk discount in North Tribeca, credit funds like Fortress are eager to finance the sellout at 65 percent of the reset basis.