1031 investors move fast to close on Hell’s Kitchen buy

Group pays $21M for pair of walk-ups

New York /
Nov.November 24, 2014 05:10 PM

A real estate investment group looking to execute a 1031 exchange acted quickly to close on a pair of Hell’s Kitchen walk-up buildings for $21 million.

The group went into contract fewer than 30 days ago for the purchase of the pair of six-story buildings at the northeast corner of 9th Avenue and 54th Street.

The buildings, 824 and 826 Ninth Avenue, hold 42 apartments and about 25,000 square feet of retail space across five units, including the corner space occupied by the El Centro restaurant. Seller ROL Realty had owned the buildings since 2000.

The buildings are four blocks north of Property Markets Group’s and JDS Development Group’s condo conversion of the Ralph Walker-designed Stella Tower and about two blocks east of Two Trees’ Mercedes House.

Ivan Hakimian, along with Eli Scharf of HPNY, was involved in the transaction.

He noted that the Metropolitan Transit Authority owns a large parking lot across the street that could one day support a sizeable residential development.

Rents for two-bedroom apartments in non-doorman buildings in Midtown West were up 1.7 percent in October from the previous month, according to MNS’s rental report.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Mindspace founders Dan Zakai and Yotam Alroy. (David Garb for Mindspace)
Mindspace gets $72 million induction to continue shared-space expansion
Mindspace gets $72 million induction to continue shared-space expansion
Abalone Point, Laguna Beach California. (Photo D Ramey Logan.jpg from Wikimedia Commons by D Ramey Logan, CC-BY 4.0)
$70 million purchase a record sale in Orange County, California
$70 million purchase a record sale in Orange County, California
Jared Kushner (Getty)
Jared Kushner looks to Persian Gulf for investment-firm financing
Jared Kushner looks to Persian Gulf for investment-firm financing
Chinese President Xi Jinping (Getty)
Chinese regulators ease some real estate controls
Chinese regulators ease some real estate controls
Last remaining Japanese-American farm on LA peninsula to shutter
Last remaining Japanese-American farm on LA peninsula to shutter
Last remaining Japanese-American farm on LA peninsula to shutter
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...