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

Group pays $21M for pair of walk-ups

TRD 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

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

CoStar reaches $11M settlement in copyright infringement suit against Xceligent

620 Sixth Avenue and RXR Realty's Scott Rechler (Credit: Getty Images, RXR Realty)

RXR gets $400M+ from Goldman Sachs to refi Sixth Avenue building

A New York court’s greenlight of a class action against Big City Realty could change the dynamic of class action suits. (Credit: iStock)

“Nightmare” for landlords: Court OK’s class action against Harlem owner

WeWork founder scrambled for $100M loan before $1.7B bailout

The Daily Digest - Tuesday

WeWork’s cash flow troubles, selling NYCHA’s air rights and more: Daily digest