The Real Deal New York

Elghanayan cousin buys four-building portfolio from Vornado

November 03, 2011 02:35PM

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Clockwise from top left: Steve Elghanayan, 40 Thompson Street, 387 West Broadway, 25 West 14th Street and 386 West Broadway

Steve Elghanayan, cousin of the Elghanayans that operate TF Cornerstone and Rockrose Development, is about to enter contract to purchase a four-building portfolio from Vornado Realty Trust for about $80 million, Real Estate Weekly reported.

The portfolio is comprised of 386 and 387 West Broadway, 40 Thompson Street and 25 West 14th Street. Vornado tried to unload a 25,000-square-foot retail condominium at 201 East 66th Street, but reneged because the Gap is about to vacate that space, which lowered the offering price.

The two West Broadway properties combine for about 13,000 square feet of retail space and 40 Thompson Street is a 40,000-square-foot building with ground-floor retail space. Real Estate Weekly said the properties have “pockets” of vacancy.

The West 14th Street site, near Union Square, is a 40,000-square-foot retail property with a Guitar Center and Levis on the ground floor and CLAY fitness on the second level.

Elghanayan purchased the buildings through a company, Epic LLC, he runs with his brother, Michael, that also paid $70 million for 15 Little West 12th Street earlier this year. The Vornado portfolio was marketed by a Cushman & Wakefield team led by Nat Rockett and Helen Hwang. [REW]

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