Benchmark doubles money with Greenwich Village sale

Buyer recently sold Piano Row building to Extell through 1031 exchange
By Hiten Samtani | September 25, 2013 08:58AM

Aaron Feldman and Jordan Vogel of Benchmark Real Estate Group have made good on their intention to double their money at a Greenwich Village walk-up, selling the property for $9.5 million after acquiring it last year for just $4.48 million, The Real Deal has learned.

The 10-unit, 6,705-square-foot building at 48 Bedford Street on the corner of Seventh Avenue was bought by Carl Demler, the owner of Beethoven Pianos, in a deal that closed Tuesday. In July, Demler sold Gary Barnett his building at 232 West 58th Street for $25 million, in order to make way for Barnett’s 225 West 57th Street project.

The property was listed at $10.25 million in July by Marcus & Millichap’s Peter Von Der Ahe, Joe Koicim and Sean Lefkovits, as The Real Deal reported.

Demler was represented by Ronen Korin of Manhattan Connection, who also represented him in his sale to Extell and his subsequent purchase of a Piano Row building for $8.65 million last month, as TRD reported

Demler — who was not immediately available for comment — sold his West 58th Street building to Barnett through a 1031 exchange, meaning he only had 45 days from the July sale to identify a similar property in which to invest, Korin said.

“The sale just speaks to the phenomenal job the Benchmark guys do in their renovation,” Von Der Ahe said. Feldman declined to comment.

Benchmark gut renovated the building’s units and installed new hardwood floors, granite countertops and marble bathrooms with heated floors, according to an offering memorandum from Marcus & Millichap seen by TRD.

Last summer, Benchmark sold a 140-unit apartment package on East Village to landlord Jared Kushner for $58 million in a two-part deal, as TRD reported.