The Real Deal New York

Benchmark sells Kips Bay rental for $68M

Firm bought the nine-story property in 2012 for $44 million

February 10, 2015 03:20PM
By Claire Moses

From left: Jordan Vogel (top), Aaron Feldman, 425 Third Avenue and Steven Vegh

From left: Jordan Vogel (top), Aaron Feldman, 425 Third Avenue and Steven Vegh

Benchmark Real Estate Group sold a 101-unit rental building in Kips Bay for $68.3 million, The Real Deal has learned.

A private, Long Island-based investor bought the building at 435-429 Third Avenue, on the corner of East 30th Street, and plans to own and manage it long term. Benchmark, founded by Aaron Feldman and Jordan Vogel in 2009, bought the property in 2012 for $44 million and soon renovated the bulk of it.

The roughly 66,000-square-foot, nine-story elevator building includes 101 apartments and a 5,000-square-foot retail component divided into three spaces.

Westwood Realty Associate’s Steven Vegh was the sole broker on the transaction.

“This sale confirms Benchmark’s ability to create added value by improving the ‎apartments and building overall,” Vegh said, “while giving the new owner a solid return on a great cash flowing asset with future upside remaining.”

Three blocks away, Itzhaki Acquisitions and Continental Ventures just bought five rental buildings for $50 million.

  • westwood

    and he does it agian

  • frank the broker

    new owners got HOSED< those rents are way, way too high and only that high because they offered MULTIPLE months free to get those rents,
    ,

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