The Real Deal New York

Queens firm pays $38M for West 56th Street Stonehenge rental building

December 29, 2010 01:05PM
By Adam Pincus

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From left: 401 West 56th Street, Ofer Yardeni and Alan Miller (building photo credit: CityRealty)
An affiliate of Flushing-based apartment rental firm Orin Management purchased the Clinton apartment building located at 401 West 56th Street from Ofer Yardeni’s Stonehenge Partners for $37.96 million.

56 Scarlett Associates, an affiliate of Orin Management which is controlled by members of the Sohn family, signed a contract in November and closed on the purchase Dec. 16, city property records published yesterday show.

The 95-unit building at the corner of Ninth Avenue was one of the first properties acquired by Yardeni’s firm, which he founded in the early 1990s with Joel Seiden. Stonehenge bought it in April 1995 for $5.8 million, the company said in a press release. Orin Management did not respond to requests for comment.

The only building acquired earlier that is still in the portfolio of nearly 20 properties is 202-210 West 89th Street, purchased in January 1995.

Stonehenge was represented by Alan Miller, a senior director at Eastern Consolidated.

Orin Management affiliates own properties such as the 77-unit rental building at 330 Wadsworth Avenue in Fort George, and a 56-unit apartment building, 114 Elliot Place, in the Bronx.

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