A 23-story tower in Manhattan's Financial District has quietly changed owners, and the condos that never found buyers are now being rolled out as luxury rentals. The building at 1 Park Row, right across from City Hall Park, was built and marketed as a condominium project, but recent listings show multiple homes up for lease instead. The off-radar sale has produced conflicting accounts of what the buyer actually paid.
Who Bought It And For How Much
According to The Real Deal, Grand Rapids-based Eenhoorn bought the 62-unit property at 1 Park Row in a transaction pegged at roughly $93 million. The outlet also reports that Corcoran Sunshine's Beth Fisher represented the seller, while Brown Harris Stevens' Lisa Simonsen represented the buyer.
Recorded Price Tells A Different Story
A deed summary from PincusCo shows a different number. The transfer was recorded on January 21, 2026, and lists a $77 million sale that PincusCo says closed on December 30, 2025. The summary names Gary Feldman as the Circle F signatory and Paulus C. Heule as the buyer's signatory, reflecting that the deal moved through the building's corporate ownership structure.
Units, Rents And Amenities
Marketing materials and listings for 1 Park Row describe roughly 62 residences that average about 1,000 square feet, along with a 3,300 square foot duplex penthouse. Residents get a fitness center, garden terrace and lounge space as part of the package. A corner duplex penthouse is currently listed for rent at $50,000 on Zillow, a price point that makes clear the tower is being repositioned as a high-end rental address rather than a traditional condo building.
How The Project Got Here
The site, formerly home to electronics retailer J&R, was financed with a $90 million construction loan from Parkview Financial in 2021, according to the lender's materials. As the project moved toward completion, the sponsor obtained a $50 million mid-construction recapitalization from 3650 REIT in 2024, per Commercial Observer.
What's Next
Eenhoorn, based in Grand Rapids, runs a portfolio of multifamily and community housing properties and describes itself on its website as a seasoned, vertically integrated owner and operator. That track record points to 1 Park Row being run as a professionally managed rental building rather than shifting back into an active condo sales program, although the buyer has not publicly laid out a detailed long-term plan.
Legal Notes
Circle F filed a lawsuit in 2023 against a construction manager, alleging that subcontractor mistakes caused project delays. The Real Deal reports that the suit was later settled and that construction wrapped up by the end of 2024. The gap between the reported sale prices and the number on the recorded deed underscores how complicated financing, recapitalizations by lenders and layered corporate transfers can get as new developments move from construction into full occupancy.
