The Hakim Organization bought an 80 percent equity stake in luxury rental High Line 537 for $44.2 million.
The five-story property at 537 West 27th Street includes 28 apartments across 47,000 square feet, according to the New York Post. Owner Tavros Capital sold the stake.
Event space Skylight Modern occupies 2,200 square feet on the ground floor of the building.
Hakim, together with Kevin Maloney’s Property Markets Group, is looking to develop a skyscraper in Long Island City that could become the tallest structure outside of Manhattan.