Stamford, Conn.-based Cheslock, Bakker Opportunity Fund LP has sold the upper floors of 19 West St. in Manhattan to local developer Jack Lefkowitz for $21 million. The 35-story Art Deco building houses the Downtown Athletic Club, which annually awards the Heisman Trophy to the nation's best college football player.
Cheslock, Bakker & Associates acquired the building in 1999 as the club struggled through Chapter 11 bankruptcy proceedings. Cheslock, Bakker structured the transaction so that the club could keep its facilities and Cheslock, Bakker could develop the upper floors. The merchant bank expected to hold the building longer, but the decision to sell gave the opportunity fund a return greater than 40% in 14 months.
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