The Real Deal New York

Tavros Capital looking to sell $50M stake in W. Chelsea rental 

Managing partner wants to retain 10-percent ownership

January 08, 2015 08:30AM
By Rich Bockmann

From left: Brian Ezratty and 537 West 27th Street

From left: Brian Ezratty and 537 West 27th Street

Tavros Capital Partners is looking to sell a majority stake in a 31-unit, mixed-use rental building in West Chelsea for $50 million, slightly more than $1,050 per square foot.

Tavros bought the building at 537 West 27th Street for $27.5 million in late 2012, and is now looking to sell a 90-percent stake in the property, which has 28 rental units and three retail spaces.

“They bought it two years ago and I think they’re happy to take advantage of the market today and still stay in for a piece of the deal,” said Eastern Consolidated’s Brian Ezratty, who has the exclusive listing with colleagues Ross Weiner and Scott Ellard.

Tavros bought the building, then dubbed Chelsea Muse, and renamed it Highline537.

The five-story, 47,479 square-foot property works well for a buyer interested in either converting the building to condo or continuing to operate it at as a rental, Ezratty said. Ekstein Development constructed the building in 2011 with partners RD Management and L&M Development Partners.

Tavros, he added, has plans to reconfigure the building. The company plans to combine two units on the third floor into a single 1,300 square-foot apartment, and to relocate the fitness center to the ground floor to make way for a new unit on the second floor with a 590 square-foot terrace.

Chelsea Muse sits half a block from the High Line and is two doors down from Related’s upcoming Zaha Hadid-designed condo building running block-through from 28th Street. Centaur Properties and Greyscale Development Group have plans to build an 11-story, 36-unit condo building next door at 527 West 27th.

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