Rubin Schron takes majority stake in $194M Murray Hill rental

Cammeby’s, partners close on 30 Park Ave.

New York /
Mar.March 18, 2015 03:45 PM

UPDATED, 6:11 p.m., March 18: Rubin Schron’s Cammeby’s International has taken a majority stake in 30 Park Avenue, which closed yesterday for $194 million. Joseph Sitt’s Thor Equities Residential went into contract to buy the 241-unit Murray Hill building in December, as The Real Deal first reported, and still holds a stake in the property, according to a source familiar with the company.

Sun Equity Partners and Beekman REIM now also hold stakes in the 236,00-square-foot, 20-story building, which has 237 apartments and four commercial units. The seller is a partnership between BlackRock and California pension fund CalPERS

Schron borrowed $120 million from Ladder Capital to fund the acquisition, the New York Observer reported today, but the newspaper stated that Thor is not the buyer. In fact, Thor signed the contract in December for about $180 million and then sold the lion’s share of its stake to Schron, a well-placed source said. Back in December, TRD reported that Thor was on the lookout for capital partners.

Meridian Capital Group’s Abe Hirsch and Akiva Friend sourced the financing for Schron, according to the Observer. [NYO] — Hiten Samtani


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