The Real Deal New York

Edison continues NYC tear with latest Hell’s Kitchen buy

Awash in cash from HFZ deal, Newark firm picks up storage building for $62M

November 02, 2015 05:35PM
By Rey Mashayekhi

543 West 43rd Street

543 West 43rd Street in Hell’s Kitchen (inset: Jerry Gottesman)

It turns out that Jerry Gottesman’s Edison Properties made more than one buy in Hell’s Kitchen last month, acquiring a seven-story storage facility in the neighborhood for $61.5 million.

The Newark, N.J.-based real estate investment firm bought the building at 543 West 43rd Street through its HLP Properties subsidiary from a partnership led by investor Steven Yavers, who confirmed the deal. The transaction closed Oct. 20, according to property records filed with the city Monday. Edison’s Manhattan Mini Storage has been a longtime tenant at the nearly 157,000-square-foot property, located between 10th and 11th avenues.

The deal for the location closed a week prior to Edison’s acquisition of another Hell’s Kitchen commercial building, at 620 12th Avenue, which the company bought for $55 million, as reported by The Real Deal.

The Gottesman-led firm has been on a Manhattan buying spree since selling a massive Chelsea development site near the High Line to Ziel Feldman’s HFZ Capital Group for $870 million earlier this year.

Edison acquired five former Ring portfolio buildings from Gary Barnett’s Extell Development for $268 million last month, as The Real Deal reported, in a 1031 exchange related to the High Line development site sale.

The firm did not return requests for comment on the transaction and whether it too qualified as a 1031 exchange for the company.