The Real Deal New York

Cherney buys West Village rental for $30M

Deal for 38-unit property part of 1031 exchange

June 26, 2015 04:45PM
By Rey Mashayekhi

455 Hudson Street

455 Hudson Street in the West Village (inset, clockwise from top left: Jordan Vogel, Aaron Feldman, Peter Von Der Ahe and Joe Koicim)

The Cherney family acquired a mixed-use rental building at 455 Hudson Street in the West Village this week for $30 million, The Real Deal has learned.

Cherney Real Estate paid over $1,350 per square foot for the 22,000-square-foot building, which houses 38 rental units and two retail spaces. Cherney bought the property from Benchmark Real Estate Group, which acquired the building for $20 million in 2013.

The deal was part of a 1031 exchange, according to sources with knowledge of the transaction. Cherney recently sold a rental building, at 40 East End Avenue in Yorkville, to the Lightstone Group for $32.5 million, and the LLC used to acquire 455 Hudson Street previously owned 40 East End Avenue, according to city property records.

Benchmark extensively renovated the building, upgrading the common areas and performing gut renovations on many of the units, according to Peter Von Der Ahe of Marucs & Millichap, who handled the sale along with colleague Joe Koicim.

The building’s retail units are presently occupied by a café – Alexandra, at 455 Hudson Street — and a liquor store, Von Der Ahe added.

Neither Cherney nor Benchmark could be reached for comment.

Benchmark, founded by Aaron Feldman and Jordan Vogel in 2009, recently sold a 101-unit rental building in Kips Bay for $68.3 million, as TRD reported.