The Real Deal New York

Benchmark sells two Chelsea rentals for $27M

Head of pipe supplier and partner pick up 10th Avenue properties

November 17, 2015 12:23PM
By Kathryn Brenzel

246 and 248 10th Avenue in Chelsea (inset: Benchmark's Jordan Vogel)

246 and 248 10th Avenue in Chelsea (inset: Benchmark’s Jordan Vogel)

A family partnership led by the head of Brooklyn-based Davidson Pipe Supply picked up two Chelsea rental buildings for $26.5 million from Benchmark Real Estate Group, according to property records filed with the city Monday.

The buyers, Peter Davidson of Davidson Pipe Supply and Robert Krueger, are based in the Long Island hamlet of Hewlett, records show. They acquired two six-story buildings at 246 and 248 10th Avenue, near West 25th Street. Benchmark, a Soho-based firm led by Aaron Feldman and Jordan Vogel, paid just $14.4 million total for the properties last year.

The buildings have a total of 17 residential units — eight at 246 10th Avenue and nine at 248 10th Avenue — and each have a ground floor commercial unit. Collectively, the buildings span 17,100 square feet of residential space and 3,150 square feet for retail. Italian restaurant Bottino is among the ground-floor retail tenants.

Davidson, who declined to comment, also owns a Brooklyn Heights residential building at 43 Pierrepont Street.

Jesse Rubens of MHP Real Estate Services represented the buyers in the deal, and Benchmark was represented by Eleas Mathios and Shlomo Gelernter of Arch Equities.

In July, Benchmark, which focuses on value-add acquisitions of rentals, bought a 12-story Brooklyn Heights rental building for north of $40 million.