Charles Cohen to sell another distressed office building

Charles Cohen, the struggling landlord, is unloading another distressed office building in Midtown Manhattan as lenders increase pressure on him to sell assets. Just days after agreeing to sell 623 Fifth Avenue, Cohen has struck a deal to sell 3 East 54th St. for $188 million, according to a court filing by David Fogel, executive vice president at Cohen Brothers Realty.

The buyer of the 19-story, 300,000-square-foot tower was not disclosed, but the funds for the sale were said to be arriving via international wire, as reported by Crain's. The deal breaks down to $627 per square foot, a significant increase from the property's $85 million mortgage.

Cohen's decision to sell this property is likely driven by the mounting financial pressure from lenders. He is facing a series of lawsuits from creditors, including one from his own brother, who claims Cohen owes him $30 million.

In a statement to the press, Cohen's executive vice president, David Fogel, said that the sale of 3 East 54th St. is "part of a larger strategy to reorganize and restructure our portfolio." However, this is just the latest in a string of sales for the troubled landlord, as he has been shedding properties in an attempt to pay off debts and stay afloat.

It remains to be seen who the buyer of 3 East 54th St. is, but it is clear that Cohen is feeling the heat from lenders and is scrambling to sell off assets in order to appease them.