The Real Deal New York

Aby Rosen buys block of Devonshire House condos for $32M

33 rent-stabilized apartments were left from Cheshire Group's Greenwich Village conversion

August 20, 2015 12:29PM
By Rich Bockmann

Aby Rosen, Susan Hewitt and 28 East 10th Street

Aby Rosen, Susan Hewitt and 28 East 10th Street

Aby Rosen’s RFR Holding bought a block of rent-regulated apartments at the Cheshire Group’s condo conversion of the Devonshire House for $32.5 million, city records show.

Rosen’s firm bought a total of 33 condo units including four penthouses dispersed throughout the Greenwich Village building at 28 East 10th Street, property records filed with the city Thursday show. The building’s market-rate condo owners include actor Alec Baldwin, who recently listed his apartment for $2.4 million.

Mark Zborovsky represented Cheshire in the deal.

Cheshire and Richard Wilpon’s Sterling American Property bought the 131-unit building in 2008 for $110 million and renovated some 70-odd apartments with the plan of eventually selling off the rent-regulated units, Hewitt said.

In 2010, the developer sold the retail portion of the building off to the Brodsky Organization for $10.3 million.

Last month RFR paid $26 million to buy a four-story building in Noho, and the company is in contract to buy the neighborhood’s “Peace Pentagon” for $20 million. Rosen’s company recently defaulted on the mortgage on its blue-chip Park Avenue office tower the Lever House, where rent on the company’s ground lease is set to climb 200 percent in 2023.