The Thakkar family of Dallas-based Thakkar Developers has acquired the leasehold for the office tower at 135 West 50th Street in Manhattan for $8.5 million, a 97% discount from the $332.5 million paid by UBS in 2006. This purchase marks the family’s first real estate project outside Texas, and while Poorvesh Thakkar, the CEO, has not disclosed specific plans, he mentioned intentions to do “something creative” with the property. The building, which has faced challenges attracting tenants and is currently 35% occupied, underwent a $76 million renovation recently. The Thakkars now assume a significant ground lease obligation of $800,000 per month, which could influence their redevelopment strategy, whether it involves conversion to residential use, repositioning for commercial tenants, or potential demolition.
Dallas-based Thakkar Developers
