Related gets Chelsea office building for $93M

New York /
Dec.December 20, 2011 02:35 PM

alternate
text
Pembrook Capital CEO Stuart Boesky and 511 West 25th Street (building credit: PropertyShark)
A Related Companies private equity fund has purchased a nine-story office building near the High Line for $93 million, or $450 per square foot, Crain’s reported.

The 195,000-square-foot property, at 511 West 25th Street, between 10th and 11th avenues, was controlled by Pembrook Capital. Pembrook took ownership in May 2010 after the then-owners failed to repay a loan. According to public records, the building was previously controlled by Halcyon Real Estate Partners, which picked it up for $48.75 million in 2008.

Since taking control, Pembrook has doubled the building’s occupancy to 90 percent and has increased the rent to about $50 per square foot. Tenants include electric car manufacturer Telsa Motors and Bismark Phillips Communication and Media.

The building attracted a lot of interest from potential buyers, according to Pembrook CEO Stuart Boesky, but about half of them were deterred by a lack of financing. [Crain’s]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
Related's Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)
Related’s 15 Hudson Yards lands $108M condo inventory loan
Related’s 15 Hudson Yards lands $108M condo inventory loan
David Chang (Getty)
Momofuku Kāwi and Peach Mart close in Hudson Yards
Momofuku Kāwi and Peach Mart close in Hudson Yards
From left: Stephen Ross, Andrew Yang, Eric Adams, Kathryn Garcia and Shaun Donovan (Getty)
Real estate plots to prevent second de Blasio disaster
Real estate plots to prevent second de Blasio disaster
(iStock/Illustration by Kevin Rebong for The Real Deal)
Office landlords offer amenities to reel in employees
Office landlords offer amenities to reel in employees
arrow_forward_ios

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

Loading...