{"id":145134,"date":"2026-02-25T19:20:11","date_gmt":"2026-02-25T19:20:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/145134\/"},"modified":"2026-02-25T19:20:11","modified_gmt":"2026-02-25T19:20:11","slug":"tishman-gic-to-sell-midtowns-cityspire-to-delshah-am-property-for-135-7m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/145134\/","title":{"rendered":"Tishman, GIC To Sell Midtown\u2019s CitySpire to Delshah, AM Property for $135.7M \u2013 Commercial Observer"},"content":{"rendered":"<p>One of Manhattan\u2019s Midtown landmarks is about to change hands.\u00a0<\/p>\n<p>Commercial Observer can first report that CitySpire, the 70-story, 377,000-square-foot office and condo tower on West 56th Street, is in contract to be sold by Tishman Speyer and GIC to <a href=\"https:\/\/commercialobserver.com\/company\/delshah-capital\/\" title=\"DelShah Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">DelShah Capital<\/a> and A.M. Property Holding Corporation\u00a0for $135.7 million, according to a source close to the deal.\u00a0\u00a0<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/02\/california-industrial-mdh-nuveen-sale\/\" rel=\"nofollow noopener\" target=\"_blank\">MDH Partners Acquires Inland Empire Warehouse for $105M<\/a><\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/newmark\/\" title=\"Newmark\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Newmark<\/a>\u2019s Adam Spies, Adam Donegar, Doug Harmon, Avery Silverstein, Marcelo Fasulo, and Josh King\u00a0arranged the sale.\u00a0<\/p>\n<p>The deal is expected to close within 30 days. Newmark\u2019s Jordan Roeschlaub and Nick Scribani are currently in the market sourcing acquisition debt for the deal, with a 65 percent loan-to-cost ratio, according to a source.\u00a0\u00a0<\/p>\n<p>CitySpire is located at 156 West 56th Street in Midtown West, and was developed by Ian Bruce Eichner, founder of the the <a href=\"https:\/\/commercialobserver.com\/company\/continuum-company\/\" title=\"Continuum Company\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Continuum Company<\/a>. The tower opened in 1990 to much fanfare, as it became the second-tallest stone and concrete tower in the U.S. after the Sears Tower (now Willis Tower) in Chicago. CitySpire combined luxury condos with 24 floors of office space.\u00a0<\/p>\n<p>The building had a troubled early history, however, as it became mired in lawsuits with the city over height and zoning violations, while also falling into foreclosure because of unpaid construction loans.\u00a0<\/p>\n<p>CitySpire\u2019s office floors were purchased by GIC, a Singapore-based investment fund, in 2001, while Tishman Speyer bought a 51 percent share of the office space in 2004. Tishman then purchased the fee interest and residential portion of the building in 2012.\u00a0<\/p>\n<p>Tishman and GIC inaugurated a $20 million capital improvement plan for the building in 2020 that included a new lobby, modernized elevators, a cooling tower and updated residential suites.\u00a0<\/p>\n<p>The building\u2019s office section is currently 98 percent leased to tenants that include law firm Windels Marx Lane &amp; Mittendorf, running group New York Road Runners, and footwear company\u00a0Caleres.\u00a0<\/p>\n<p>Tishman Speyer, GIC, Delshah Capital, Newmark and A.M. Property did not respond to requests for comment<\/p>\n<p>Correction: An initial version of this story incorrectly said the asset has been sold, when it is under contract.\u00a0<\/p>\n<p>Brian Pascus can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/02\/tishman-gic-sell-midtown-cityspire-delshah-am-properties-135-7m\/mailto:bpascus@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">bpascus@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"One of Manhattan\u2019s Midtown landmarks is about to change hands.\u00a0 Commercial Observer can first report that CitySpire, the&hellip;\n","protected":false},"author":2,"featured_media":145135,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[60842,60843,10910,28548,10912,60844,10913,75,84,83,60845,9,24,63],"class_list":{"0":"post-145134","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-156-west-56th-street","9":"tag-adam-donegar","10":"tag-adam-spies","11":"tag-avery-silverstein","12":"tag-doug-harmon","13":"tag-ian-bruce-eichner","14":"tag-josh-king","15":"tag-manhattan","16":"tag-manhattan-headlines","17":"tag-manhattan-news","18":"tag-marcelo-fasulo","19":"tag-new-york","20":"tag-new-york-city","21":"tag-nyc"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/145134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=145134"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/145134\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/145135"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=145134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=145134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=145134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}