Stone Street Properties | The Real Deal New York

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Stone Street Properties

599 Lexington Avenue, 36th floor
New York, NY 10022
646-795-3160
Website
info@sspny.com
Stone Street Properties
Stone Street Properties is a real estate investment firm co-founded in 2011 by Jeffrey Kaye and Robert Morgenstern. Kaye had worked at the Gotham Organization, a real estate development and construction firm. Morgenstern had been a residential broker at Kleier Residential, formerly known as Gumley Haft Kleier. The co-founders named the firm after a street in the Financial District, where restaurants let patrons dine alfresco. In 2011, Stone Street, in partnership with Rockwood Capital, acquired a portfolio of 144,000 square feet for roughly $99 million from Icon Realty Management. The firm tends to gut renovate the buildings it acquires and to reconfigure the units inside them. In 2013, Kaye and Morgenstern sold a 21,849-square-foot building at 100-102 Christopher Street to rival developer DelShah Capital for $27 million, as well as a 26,480-square-foot property at 7-11 Cornelia Street to a Queens-based investor for nearly $24.6 million. In December 2014, the firm and Meadow Partners sold five connected walk-up buildings on Soho’s Elizabeth Street to an unidentified buyer for $61 million. –MK
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Stone Street MWest
01/29/16
Jeffrey Kaye’s Stone Street Properties closed this week on the purchase of a 47-unit Hell’s Kitchen rental building from Los Angeles-based MWest Holdings for $23.5...
347 Lorimer Street and Robert Morgenstern
11/10/15
From left: 132 Madison Avenue, 347 Lorimer Street in Brooklyn and Robert Morgenstern UPDATED, 4:52 p.m., Nov. 10: From an $18.2 million sale in Tribeca...
Chalme Raymond
10/29/15
Broad Street Development filed a permit application to build a new 103,000-square-foot residential building at 304 Mulberry Street in Noho. Tags: broad street development ...
Robert Morgenstern
10/16/15
Robert Morgenstern, co-founder of Stone Street Properties and head of Morgenstern Capital, and partner Valyrian Capital picked up a pair of Brooklyn loft buildings for $28...
16 East 18th Street
09/25/15
Jeffrey Kaye’s Stone Street Properties is following its acquisition of two Gramercy Park rental buildings with the $21.5 million purchase of another rental property, at...
Jeffrey Kaye Stone Street
09/24/15
Jeffrey Kaye’s Stone Street Properties just closed on the acquisition of two Gramercy Park rental buildings, at 210 and 220 East 22nd Street, for a...
350 West 18th Street and Stone Street Properties' Jeff Kaye
06/02/15
From left: 401 State Street, 350 West 18th Street and Jeff Kaye From Cheskel Schwimmer's $15.5 million purchase in the Bronx to the Mann Group's...
JaredKushner184Kent200x143
05/06/15
Jared Kushner is bringing condos to a Williamsburg rental building that once housed a Wild Turkey distributor. Kushner Cos. plans to convert the 338 residential units...
MorgensternKushnerFbox
03/27/15
Jared Kushner’s Kushner Companies just closed on a large multifamily portfolio, with 14 buildings scattered over several Manhattan neighborhoods and two in Brooklyn, for $131.5...
2283thirdave56-02maspethaveFT
12/16/14
From left: 56-02 Maspeth Avenue in Queens and 2283-2287 Third Avenue in East Harlem From the sale of a $20.5 million multifamily in East Harlem...
240elizabethStThumb
12/16/14
Stone Street Properties sold its last five New York City holdings — five connected buildings on Soho’s Elizabeth Street — to an unidentified buyer for...
kushnerthumb
12/10/14
UPDATED, 12:03 p.m., Dec. 10: Jared Kushner’s Kushner Companies is buying a 16-building portfolio for $131.5 million from Stone Street Properties and HIG Realty Partners. Tags:...
20140902_trevi_retail_purchase_feature
09/02/14
Trevi Retail has ventured outside its retail investment specialty, buying four Upper East Side residential buildings with no ground-level retail space for nearly $100 million....
01/23/14
Top stories yesterday on The Real Deal: 1. City’s nine richest developers  2. Stone Street Properties lists Manhattan portfolio for $150M  3. StreetEasy veteran Sofia...
sspny-fb
01/22/14
Stone Street Properties, a real estate investment firm founded in 2011 by Jeffrey Kaye and Robert Morgenstern, spent most of its first two years buying...
who-made-mark-fb
12/31/13
In some ways, 2013 was a watershed year for the New York City real estate industry, between the half dozen or so office towers that...
7-11 Cornelia Street
12/04/13
RockFarmer Capital’s recently-purchased West Village rental portfolio is to become a “Euro-style community.” The investment and development firm paid $24.6 million for the 26,480-square-foot property...
stone-street-pic-finalfbox
11/07/13
Jeffrey Kaye and Robert Morgenstern have sold a multi-family property in the West Village to a Queens-based investor for nearly $24.6 million. The partners disclosed...
From left: Michael Shah, 100-102 Christopher Street and Jeffrey Kaye
08/28/13
Michael Shah’s DelShah Capital is paying about $27 million for a mixed-use West Village property with the idea that retail rents in the neighborhood will...
407-Bleecker-feature-box
03/25/13
For some time now, coveted Downtown neighborhoods such as Soho and the West Village have commanded some of the highest residential rents in Manhattan. But...
Jeffrey Kaplan and 211 East 43rd Street
03/01/13
Meadow Partners, a Midtown-based investment fund that focuses on New York City and London, purchased an interest in a ground lease controlling a 25-story office...
ArmelleFloodJamesLansillJPForbes-feature-box
02/13/13
From left: Sabrina Kleier Morgenstern, Samantha Kleier Forbes, Michele Kleier and JP Forbes Veteran Upper East Side brokers, including the Kleier family and Fox Residential chief...
Jeffrey Kaye and Robert Morgenstern of Stone Street Properties and 260-268 Elizabeth Street
11/20/12
Hot on the heels of a recent $73 million acquisition, real estate investment firm Stone Street Properties has closed on another five-building portfolio for $33.5...
Stone Street's Jeffrey Kaye and Robert Morgenstern and 234 East 33rd Street
11/16/12
Stone Street Properties, a real estate investment firm founded last year by Jeffrey Kaye and Robert Morgenstern, has closed on a deal for a 16-building...
Kathy FB
04/18/12
From the April issue: Investing in real estate can be daunting, especially in the unpredictable post-Lehman market. And the strategy favored by new investors in the...
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  • Event Sales
  • Address 260 Elizabeth Street
  • Neighborhood Nolita
  • Borough Manhattan
  • Square feet 63,500
  • Price $ 61,000,000
notes
The mixed-use buildings sold for $61 million. Includes 262, 264, 266, 268 Elizabeth Street.
  • Event Sales
  • Address 420 East 66th Street
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Price $ 100,000,000
notes
The properties sold for $100 million. The buildings are located at 420 East 66th Street, 336 East 81st Street, 344 East 85th Street and 404 East 88th Street. 4 apt. bldgs, 216 units total
  • Event Sales
  • Building Name 260-268 Elizabeth Street
  • Address 260 Elizabeth Street
  • Neighborhood Nolita
  • Borough Manhattan
  • Price $ 33,500,000
  • Publication Date 01/01/2013
  • Event Date 11/22/2012
  • Party 1 Marolda Properties
  • Party 1 Brokerage Cornerstone Real Estate Advisers
  • Party 1 Broker Edmund Levy
  • Party 2 Stone Street Properties
notes
The package of adjacent buildings sold for $33.5 million. Includes 268 Elizabeth Street.
  • Event Sales
  • Address 410 East 64th Street
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Price $ 73,000,000
  • Price per foot $ 514.00
notes
The package of 14 Manhattan buildings and two Brooklyn properties sold for $73 million, or $514 per square foot. The Manhattan properties are located primarily in Murray Hill, on the Upper East Side and in the East Village. They include 101 MacDougal Street, 104 East 7th Street, 438-440 East 13th Street, 236-236 East 33rd Street, 410 East 64th Street, 319 East 78th Street, 233 East 82nd Street, 310 East 83rd Street, 325 East 83rd Street and 504 East 88th Street. The Brooklyn properties are located at 354-356 State Street in Downtown Brooklyn.
  • Event Sales
  • Address 176 East 3rd Street
  • Neighborhood East Village
  • Borough Manhattan
  • Price $ 90,000,000
notes
The package of five rental buildings sold for $90 million. The properties are located at 176 East 3rd Street, 420 East 66th Street, 404 East 88th Street, 336 East 81st Street and 344 East 85th Street; the buildings have been renamed the Jesse, the Chase, the Hudson, the Lily and the Emma, respectively.
  • Event Sales
  • Address 7 Cornelia Street
  • Neighborhood West Village
  • Borough Manhattan
  • Price $ 32,600,000
  • Price per foot $ 362,222.00
notes
The package of buildings at 100-102 Christopher Street, 7 Cornelia Street and 11 Cornelia Street sold for $32.6 million, or $362,222 per unit. The price represents a gross rent multiple of 12.1 and a capitalization rate of 6 percent.
  • Event Sales
  • Address 100-102 Christopher Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 21,849
  • Price $ 26,750,000
notes
The 21,849 sf property sold for $26.75 million.
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