The Real Deal New York

Victor Homes buys NoMad buildings in wake of failed suit

$35M purchase comes after Rabsky's Simon Dushinsky ended legal challenge over deal
By Mark Maurer | October 29, 2014 03:12PM

New Jersey-based developer Victor Homes acquired a pair of adjacent NoMad buildings for a combined $35 million, just months after the then-owners were sued for allegedly backing out of selling the properties, according to records filed with the city today. Retail-focused investment firm the Jackson Group, led by Ike and Elliot Chehebar, and Rinel Realty, owner of fabric company Regal Home Collections, closed on the sale of 273 Fifth Avenue for $19.5 Million And 275 Fifth Avenue for $15.5 million, records show. The sale occurred five months after Simon Dushinsky’s Brooklyn-based Rabsky Group withdrew a lawsuit in New York State Supreme Court.

The Jackson Group and Rinel Realty asked a judge to compel the Williamsburg-based Rabsky Group to put up a $3.2 million bond while the lawsuit was pending, as The Real Deal reported. Rabsky claimed in the March lawsuit that it had signed an agreement to buy the buildings for a total of nearly $33 million, but alleged that the owners decided not to proceed with the sale.

The four-story commercial building at 273 Fifth has 8,060 square feet and includes a total of 26,000 square feet of development rights. The neighboring five-story apartment building at 275 Fifth has 9,269 square feet and includes 23,000 square feet of development rights, according to PropertyShark. The properties are located between 29th and 30th streets.

Victor Homes paid $71 million for the assignment of leases and rents at the same Fifth Avenue properties, and additional space at 2 East 30th Street, 279-281 Fifth Avenue and 11 East 29th Street, records show.

The buyer, which could not be reached for comment, owns a nearby 20-story condominium building at 241 Fifth Avenue that sold out in May, as previously reported. Victor also partnered with developer Michael Shvo to construct art-themed condominiums on the site of a West Chelsea gas station, as TRD reported.

Kyna Doles contributed reporting to this article.