Victor Homes buys NoMad buildings in wake of failed suit

$35M purchase comes after Rabsky's Simon Dushinsky ended legal challenge over deal

TRD New York /
Oct.October 29, 2014 03:12 PM

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. 

Related Articles

Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources

Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources

From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

Clockwise from left: 31 West 27th Street, 1271 Sixth Avenue, 781 Metropolitan Avenue (Credit: StreetEasy and Google Maps)

New Equinox tops list of NYC retail leases in October

269 Wallabout Street in Williamsburg (Credit: Google Maps)

On to the next one: Rabsky planning yet another Brooklyn project

58 Union Avenue (Credit: Google Maps)

Brooklyn binge: Rabsky Group plans to bring 65-unit project to Williamsburg

The Rheingold at 10 Montieth Street in Bushwick (Credit: StreetEasy)

Rabsky Group lands $200M refi for 500-unit Bushwick building

313-331 Bond Street in Gowanus (Credit: Google Maps and iStock)

Yoel Goldman sells majority stake in Gowanus dev site to Rabsky for $80M

John Loeb Jr. and 237 East 61st Street in Lenox Hill (Credit: Google Maps and Wikipedia)

These are some of the most notable resi sales of the week