The Real Deal New York

Stone Street sells its last five NYC properties for $61M

Soho deal follows $132M trade to Jared Kushner last week

December 16, 2014 08:00AM
By Claire Moses

Clockwise from left: 268 Elizabeth Street, Steven Vegh and Robert Morgenstern

Clockwise from left: 268 Elizabeth Street, Steven Vegh and Robert Morgenstern

Stone Street Properties sold its last five New York City holdings — five connected buildings on Soho’s Elizabeth Street — to an unidentified buyer for $61 million, The Real Deal has learned.

The five walk-ups in question — which Stone Street is selling together with its equity partner Meadow Partners — 260, 262, 264, 266 and 268 Elizabeth Street, contain a total of 48 residential units and 6 retail spaces and offer a total of 63,500 buildable square feet. Shoe retailer Tom’s is scheduled to take one of the retail spaces early next year.

Westwood Realty Associates’ Steven Vegh was the sole broker on the transaction. He declined to comment.

Stone Street was founded in 2011 by former residential broker Robert Morgenstern and Gotham Organization alum Jeffrey Kaye. Over the past three years, the Midtown-based firm spent more than $200 million to buy a 29-building Manhattan and Brooklyn portfolio with nearly 800 apartments, according to Real Capital Analytics. Morgenstern declined to comment on the deal.

Kaye told TRD last June that it was planning to add another 400 apartments to its Manhattan portfolio. But based on the list of properties on Stone Street’s website, and following this trade, last week’s $132 million, 16-building deal with Jared Kushner, and an earlier $31.5 million deal to sell the Jesse on East 3rd Street to Gatsby Realty, the company no longer has any holdings in the city.

  • RE Watch

    Great deal, Area retail is booming

  • Pat Pete

    What happened to this partnership?

    • hmmm

      When you buy so many former ICON management properties there is endless work in sight. They did some quality renovations from the looks of the interiors to their UES and other buildings.

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