The Real Deal New York

BlackRock sells UWS apartment for $7M loss

November 06, 2009 02:26PM
By Adam Pincus

A BlackRock investment fund sold an 81-unit apartment building on the Upper West Side at 10 West 74th Street for $38 million, or $7 million below its purchase price in 2006.

The buyer was identified as West 74 LLC — an entity affiliated with investor Elias Kalimian, principal with Midtown-based Elk Investors — and the sale went into contract in August before closing on October 29, city property records published today showed.

The fund of the powerhouse investment management company bought the property in September 2006 for $45 million, city records show, and in 2007 valued the property at $56 million, according to a federal Securities and Exchange Commission filing.

The building was held by the BlackRock Diamond Property Fund, the SEC filing showed. BlackRock declined to comment, a spokesperson said.

Recent apartment listings include a one-bedroom at $3,500 a month and a two-bedroom at $5,500, according to data from Streeteasy.com.

CB Richard Ellis vice chairman Darcy Stacom was the sales broker.

Elk Investors owns other properties in Manhattan including an office building 489 Fifth Avenue at 42nd Street and an apartment building at 131 East 83rd Street at Lexington Avenue. The company did not immediately respond to a request for comment.

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