The Real Deal New York

California group adds to NYC portfolio, buys 15 Cliff for $95M

By Katherine Clarke | January 23, 2014 10:45AM

Lalezarian Properties has sold its Financial District rental building at 15 Cliff Street to a California investment group for $95 million, according to public records filed with the city yesterday.

The purchaser of the FiDi tower, Carmel Partners, buys underperforming multi-family assets in supply-constrained markets and tries to add value through renovation and repositioning. The company owns two other rental buildings in Manhattan. One, The Renoir House, is a 151-unit property at 225 East 63rd Street. The other, a 168-unit building called the Electra, is located at 354 East 91st Street.

Lalezarian, which is based in Lake Success, N.Y., bought the property from Rockrose Development for $83 million in 2007. The company converted it from a New York University dorm into a 157-unit market-rate rental building with asking rents ranging from $2,300 for a studio to $5,800 for a two-bedroom apartment.

Representatives from Lalezarian and Carmel were unavailable for comment. The deal closed January 9, records show.

It was not clear if there had been a broker involved in the transaction.

The 158,477-square-foot building between John and Fulton streets sits on a 10,030-square-foot lot, data from indicates.

Residents have access to a 24-hour concierge, a fitness center, an on-site cafe and a rooftop garden. Currently, only four units are available for rent at the property, with an average price of $2,847 per month or $48 a foot, according to listings website StreetEasy.