The Real Deal New York

Elghanayan cousin acquires Soho office for $130M

March 13, 2012 08:30AM

Steven Elghanayan and 148 Lafayette Street

Steven Elghanayan’s firm Epic is in contract to purchase the Soho office building that headquarters Dolce & Gabbana for twice what the current owners paid five years ago. According to the New York Post, Epic will pay Property Group close to $130 million, or $870 per square foot, for the 155,000-square-foot property at 148 Lafayette Street between, Grand and Howard streets.

Property Group, formerly the commercial arm of Louis Dreyfus Group, bought the building for $59 million, then renovated it and added a 5,187-square-foot glass penthouse. The building is now 96 percent occupied.

Elghanayn’s deal was brokered by Douglas Harmon and Adam Spies of Eastdil Secured.

The Post noted that the space has the loft-like qualities that attract the creative companies that are becoming an increasingly important part of the office market. Elghanayan, who is a cousin of the brothers behind Rockrose Development and TF Cornerstone and recently purchased a four-building portfolio from Vornado Realty Trust, acquired the building at a capitalization rate below 6 percent. [Post]

2 Responses to “Elghanayan cousin acquires Soho office for $130M”

  1. March 13, 2012 at 11:13 am, Scrooged said:

    The Elghanyan’s are so rich that even when their cousins dabble in real estate it’s some $130M project. Good for them.

  2. March 13, 2012 at 1:28 pm, Raging Realtor said:

    Why good for them? During the 911 turmoil, they harassed their tenants and sued for back rent in uninhabitable buildings.

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