Stellar Management has paid $6.1 million for a 21-unit rental building in Soho with the aim of adding air rights to its adjacent office project, known as One Soho Square, the Commercial Observer reported. The building at 26 Vandam Street came with 15,625 square feet of air rights.
Earlier this year, Larry Gluck’s Stellar and Imperium Capital paid $200 million for an office tower at 161 Sixth Avenue and another at 233 Spring Street. The firm plans to combine the two buildings, adding 80,000 square feet of office space to the 740,000-square-foot property – at an estimated cost of $75 million.
Peter Von Der Ahe, Joe Koicim and David Lloyd – all of Marcus & Millichap – brokered the Vandam deal.
“Because the air rights are essentially unusable towards the immediate property, Stellar Management will use them for the huge redevelopment of the office buildings next door — that will be a huge win for them,” Von Der Ahe told the Observer.
“It was very important for this seller to close before the end of the year, and Stellar Management stepped up with an all cash offer,” Koicim told the Observer
More recently, Imperium, a New York-based real estate investment and development firm, purchased a Midtown apartment tower with Bronstein Properties, paying $42.5 million. [NYO] –Leigh Kamping-Carder