The Real Deal New York

Edison buys Hell’s Kitchen commercial building for $55M

Newark-based firm bought five Ring portfolio buildings from Extell last month

October 30, 2015 06:00PM
By Rey Mashayekhi

620 12th Avenue NYC

620 12th Avenue in Hell’s Kitchen (inset: Jerry Gottesman)

Jerry Gottesman’s Edison Properties is continuing its Manhattan buying spree with the acquisition of a four-story commercial building in Hell’s Kitchen for $55 million.

Edison closed on the 103,000-square-foot building at 620 12th Avenue, between West 47th and West 48th streets, on Oct. 26 through its HLP Properties subsidiary. The Newark-based real estate firm acquired the property from longtime owner Yale Citrin of Rye Brook, N.Y.

Tenants at the building – which has an additional 8,000 square feet of unused air rights, according to PropertyShark – include a video equipment rental company and an elevator and escalator manufacturer.

Neither Edison nor Citrin could be reached for comment on the transaction.

Edison, through HLP Properties, acquired five former Ring portfolio buildings from Gary Barnett’s Extell Development for $268 million last month, as The Real Deal reported. All five of the buildings are currently long-term ground-leased to the Kaufman Organization.

The deal for the Ring portfolio properties was a 1031 exchange related to HLP’s sale of a massive High Line development site to Ziel Feldman’s HFZ Capital Group for $870 million, which closed earlier this year.