The Real Deal New York

WTC investor closes on Yves Chelsea retail

March 15, 2012 02:00PM
By Katherine Clarke

From left: Real estate investor Lloyd Goldman, Jeffrey Fishman, executive vice president of RKF and the Yves Chelsea (credit: PropertyShark)

Deep-pocketed investor Lloyd Goldman, an equity partner in Larry Silverstein’s World Trade Center lease, has closed on the retail component of glassy condominium tower Yves Chelsea at 166 West 18th Street, according to public records filed with the city today. He paid $6.6 million for the space, which is currently the headquarters of brokerage Core NYC. It was asking $7 million.

“This was the last piece of the puzzle,” said Ben Shaoul, the developer behind the tower, which launched sales in 2007. “It was the end of our investment plan.”

Jeffrey Fishman, executive vice president of commercial brokerage Robert K. Futterman, brokered the deal of behalf of both parties, he said. As The Real Deal reported, the deal went into contract in January.

The current tenant Core signed a 10-year lease for the 4,000-square-foot space back in 2008, The Real Deal previously reported, meaning it will likely stick around for another few years. The rental rates for the property were not immediately available.

“We have had a wonderful relationship with Lloyd and his family for many years and look forward to having him as our new landlord,” said Jack Cayre, co-founder of Core.

Fishman said the acquisition was consistent with Goldman’s recent strategy to buy lower-priced commercial spaces.

Goldman previously told The Real Deal in February that he was acquiring lower-priced properties because they have more attractive rates of return, and because the market for them was slightly less competitive than for other assets.

“There seem to be [fewer] people playing in this marketplace than in the large assets [market],” he said. “[There], the amount of players playing is driving the prices up and the cap rates way down.”

A spokesperson for Core was not immediately available for comment.

MENU