Macklowe's River Terrace sold to C&K for $365m.

Stealing headlines nearly all summer for his prolificacy in the residential sales market, Eastdil broker, Douglas Harmon, added to his streak last week with the $365 million disposition of Harry Macklowe's condo conversion candidate, River Terrace, to C&K Properties. And more are on the way.

Harmon is currently handling the sales of The Gershwin for the Resnicks, 30 Park Avenue and 85 East End for the Rudins, as well as a commercial space at 340 West Street owned by Eugene Grant that could be divvied up and redeveloped for residential use.

The bidding for The Gershwin, a 550-unit 80/20 rental building located on the southeast corner of 50th and Eighth Avenue, has wrapped up according to sources close to the deal and, as is typical these days, was hotly contested by a field of REITs, pension funds, and individual buyers with 1031 tax exchange requirements.

With over seven years remaining to The Gershwin's status as an 80/20 property--a designation that provides property tax abatements--the building is likely to remain a rental property and consequently probably would garner the lofty price of the smaller River Terrace.

With 410-units, River Terrace is widely considered a condo converter's dream and was even developed with that use in mind by Macklowe in the mid 1980s. A downturn in the real estate market subsequent to the building's completion convinced him to operate it instead as a rental property.

"It has an Olympic sized swimming pool, sun deck, a health club, a 200 plus parking garage, it's built as a condo whereas a lot of other conversions aren't," Harmon said in a conversion with REW in May. Harmon was unavailable for comment for this story.

Buyers, C&K Properties, also did not return calls, but their plans for the building are almost certain, considering the economics of the deal.

The property traded for roughly $725K per unit, pricing that only a conversion can justify. In addition to 328K s/f of residential, the building also has 100K s/f of commercial space, mostly medical offices.

It isn't yet clear whether C&K Properties, which is owned by Meir Cohen and Ben Korman, will use their new acquisition for a 1031 tax exchange. The pair just sold 156 Williams Street for $41 million to AFIAA. EAB Plaza, a 1.1 million Long Island property C&K owned in partnership with Joe Moinian, was recently sold for $240 million to Reckson Associates.

C&K has also tapped Studley broker, Woody Heller, to sell the former Penncom Building at 132 West 31st Street, a 418K s/f property that the firm owns with Zamir Equities.

Harmon has been on nothing less than a residential tear this year. Most recently he brokered the $195 million sale of 88 Greenwich Street in early June, the $195 million sale of The Aston just a few weeks after, and the $165 million sale of The Related Companies' 80/20 buildings, Columbus Green and Parc Place, in July. The Aston's price translated into over $1000 psf, a record value for a rental property in the US.