Elghanayan cousin buys four-building portfolio from Vornado

New York /
Nov.November 03, 2011 02:35 PM
alternate
text
Clockwise from top left: Steve Elghanayan, 40 Thompson Street, 387 West Broadway, 25 West 14th Street and 386 West Broadway

Steve Elghanayan, cousin of the Elghanayans that operate TF Cornerstone and Rockrose Development, is about to enter contract to purchase a four-building portfolio from Vornado Realty Trust for about $80 million, Real Estate Weekly reported.

The portfolio is comprised of 386 and 387 West Broadway, 40 Thompson Street and 25 West 14th Street. Vornado tried to unload a 25,000-square-foot retail condominium at 201 East 66th Street, but reneged because the Gap is about to vacate that space, which lowered the offering price.

The two West Broadway properties combine for about 13,000 square feet of retail space and 40 Thompson Street is a 40,000-square-foot building with ground-floor retail space. Real Estate Weekly said the properties have “pockets” of vacancy.

The West 14th Street site, near Union Square, is a 40,000-square-foot retail property with a Guitar Center and Levis on the ground floor and CLAY fitness on the second level.

Elghanayan purchased the buildings through a company, Epic LLC, he runs with his brother, Michael, that also paid $70 million for 15 Little West 12th Street earlier this year. The Vornado portfolio was marketed by a Cushman & Wakefield team led by Nat Rockett and Helen Hwang. [REW]


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Vornado’s Steve Roth with Penn1, Penn 2 and the Farley Building (Getty, VNO)
Vornado’s Roth “disappointed” in lack of distress as market shows signs of recovery
Vornado’s Roth “disappointed” in lack of distress as market shows signs of recovery
Jamie Dimon, Steve Roth, Donald Trump and 555 California St. (Trump, Getty)
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Vornado’s Steve Roth and 888 Seventh Ave (Getty, Google Maps, iStock)
Vornado sues Hongkun USA, seeking $1.1M in rent
Vornado sues Hongkun USA, seeking $1.1M in rent
From left to right: Gov. Andrew Cuomo, Tony Malkin, Larry Silverstein, Douglas Durst, Steven Roth and Bill Rudin. (Getty)
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Vornado’s Steven Roth and One Park Avenue (Getty, Vornado)
Here’s what tenants are paying at One Park Ave
Here’s what tenants are paying at One Park Ave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...