The Real Deal New York

Infinity, Katz hand off Chelsea office building for $31.8M

By Mark Maurer | January 09, 2014 04:25PM

Infinity Real Estate and Katz Properties sold a 16-story, 70,200-square-foot Chelsea office building for $31.75 million in an off-market deal, Infinity managing partner Steven Kassin told The Real Deal exclusively.

Twenty-one office tenants occupy the prewar property at 247 West 30th Street between Seventh and Eighth avenues. Between 2008 and 2010, the building underwent a $5 million renovation including a new lobby, new elevators and new windows.

Infinity Real Estate is a division of Garment District-based private equity firm the Infinity Group, while Katz Properties is a Philadelphia-based real estate development firm.

Juliet Kamel of Great Neck, N.Y.-based Cabana Realty introduced the buyer and the sellers. The Brookfield Financial brokerage team of Eric Anton, Ron Solarz and Eric Weinberg initially marketed the property when it hit the market for $35 million, or about $486 per square foot, in May, The Real Deal reported. By Labor Day, Infinity pulled the listing.

“We weren’t satisfied with the offers we received,” said Kassin, adding the firms have completed their investment plan for the tower.

The sale closed New Year’s Eve. The buyer, 247 West 30th Associates LLC, is a New York-based private partnership, a source told The Real Deal. No broker represented either the sellers or the buyer, who could not be reached for comment.

Infinity and Katz acquired the property, built in 1926, from Wayne Chan of landlord Good Land Realty Corp. for $14.75 million in 2008, property records show. Floor plates range from 2,500 to 5,500 square feet, and setbacks provide outdoor spaces on the upper floors.