Larry Gluck’s Stellar Management tripled its money at 123 Lafayette Street after just three years, selling the Soho office-and-retail building for $33.5 million. Stellar bought the six-story, 16,000-square-foot...
The Chicago-based REIT purchased a total of four apartment buildings for $178 million. The properties are located at 228 West 71st Street, 238 West 71st Street, 41 West 86th Street and 52 West 77th Street.
The property sold for $295 million. The deal involved a piece of seller financing, with Stellar providing a $150 million short-term loan to Jamestown, which appears in public records. The move was intended to help the deal close quickly, while giving Jamestown more time to iron out long-term financing, The Real Deal has learned.
SL Green sold its leasehold interest in the property for $97.5 million, or $510 per square foot. Stellar Management is acquiring the property in a joint venture with its longtime partner Rockpoint Group. The property was acquired by SL Green in 1997 in conjunction with its initial public offering and is subject to a ground lease with an initial maturity of 2016. SL Green expects to recognize a gain in excess of $60 million.