The Real Deal New York

DSA to buy 15-story FiDi dorm from Pace for $51M

75K sf property at 106 Fulton marketed as a condo conversion

September 08, 2016 01:10PM
By Mark Maurer and Will Parker Twitter_logo_blue copy

Arik Lifshitz, 106 Fulton Street in the Financial District (inset from top: Kenneth Zakin and Stephen Friedman)

Arik Lifshitz’s DSA Property Group is in contract to buy a 15-story dormitory building in the Financial District from Pace University for $51 million, sources told The Real Deal.

The private university hired Newmark Grubb Knight Frank TRData LogoTINY in March to market the 75,000-square-foot property at 106 Fulton Street, between Dutch and William streets. The building, which Pace converted into dorms in 1999, also has a Burger King on the ground floor.

It was not immediately clear what DSA plans for the building, though NGKF’s Kenneth Zakin was marketing it as a possible condominium conversion with as many as 50 apartments.

Department of State records show DSA registered the entities 106 Fulton Street Ventures LLC and 106 Fulton Street Owner LLC last month.

Lifshitz and Zakin declined to comment, while a spokesperson for Pace could not be reached.

DSA, an investment firm and brokerage with offices in Union Square and Midtown West, sold six Brooklyn rental buildings to Akelius Real Estate Management for $124.5 million last year.

Pace, founded in 1906, has frequently dealt with the city’s real estate players in various trades. Pace and Israeli shipping magnate Rami Ungar paid a combined $196 million to SL Green Realty and the Naftali Group for the ground lease of a 179,000-square-foot Pace dorm at 33 Beekman Street completed last year. In 2014, SL Green, Jeff Sutton and Israeli insurer Harel Insurance Investments & Financial Services bought the condo interest in the dorm portion of 182 Broadway for $42.1 million.

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