Former Midtown East Consulate Sold for $22M to Frosch CEO Bryan Leibman
Frosch CEO Bryan Leibman acquires former Midtown East Consulate from the Republic of Singapore for $22M.
Frosch CEO Bryan Leibman has acquired the former Midtown East Consulate in Manhattan from the Republic of Singapore’s Prime Minister Lee Hsien Loong for 22M. The property, located at 231-233 East 51st Street, spans 24,000 square feet and was sold at a price per square foot of 917.
The building was originally constructed in 1910 and served as the consulate for the Republic of Singapore until it was vacated in 2017. The property features a limestone facade, high ceilings, and a grand staircase.
Leibman, who founded Frosch in 1972, is a seasoned real estate investor with a portfolio that includes properties in New York, Texas, and Colorado. The acquisition of the former consulate adds to his growing real estate holdings in Manhattan.
The seller, Prime Minister Lee Hsien Loong, is the head of government for the Republic of Singapore. The sale of the property is part of a larger effort by the Singaporean government to divest its overseas real estate holdings.
CBRE’s Daniel Kaplan represented the seller in the deal. Kaplan is a Senior Vice President at CBRE and specializes in investment sales in the New York City market. He has been involved in several high-profile deals in the city, including the sale of the Waldorf Astoria to Anbang Insurance Group for $1.95B in 2014.
The sale of the former Midtown East Consulate to Bryan Leibman is a notable transaction in the Manhattan commercial real estate market. The property’s prime location and historic architecture make it a unique asset with significant potential for redevelopment or adaptive reuse.