The Real Deal New York

Benchmark looks to double money with Greenwich Village sale

July 16, 2013 01:00PM
By Katherine Clarke

Benchmark's Jordan Vogel, Marcus & Millichap's Joe Koicim and Peter Von Der Ahe and 48 Bedford Street

Benchmark’s Jordan Vogel, Marcus & Millichap’s Joe Koicim and Peter Von Der Ahe and 48 Bedford Street

Aaron Feldman and Jordan Vogel went on a buying spree of small walk-ups across Manhattan when they founded their Benchmark Real Estate Group four years ago and now they’re on a selling spree. This property, like several of the others, is in Greenwich Village.

Benchmark has listed a 10-unit, 6,705-square-foot building at 48 Bedford Street for $10.25 million, more than double the $4.48 million it paid last year, according to brokerage Marcus & Millichap.

Marcus & Millichap’s Peter Von Der Ahe, Joe Koicim and Sean Lefkovits are marketing the building, on the corner of Seventh Avenue.

The property is the latest — in both the East and West Villages — that Benchmark has put up for sale. In a two-part deal last summer, the company sold a 140-unit apartment package  to landlord Jared Kushner for $58 million, it was previously reported. They bought those units for $33.25 million. In 2011, they also sold 142 Sullivan Street for 60 percent more than they originally paid, after increasing the rent-roll by 35 percent.

In this instance, Benchmark gut renovated the building’s units and installed new hardwood floors, stainless steel appliances, granite countertops and marble bathrooms with heated floors, according to an offering memorandum from Marcus & Millichap.

The firm bought the property from Brooklyn-based Artgar Realty in June 2012, public records show.

Vogel was not immediately available for comment on the listing.

New York City multi-family deals were up by 21 percent month-over-month in May, the last month for which data was available, and have increased by nearly 200 percent since last year, according to Ariel Property Advisors. In Manhattan, some properties have been trading well over $1,100 per square foot, Ariel said.

MENU