Edison continues NYC tear with latest Hell’s Kitchen buy

Awash in cash from HFZ deal, Newark firm picks up storage building for $62M

New York /
Nov.November 02, 2015 05:35 PM

It turns out that Jerry Gottesman’s Edison Properties made more than one buy in Hell’s Kitchen last month, acquiring a seven-story storage facility in the neighborhood for $61.5 million.

The Newark, N.J.-based real estate investment firm bought the building at 543 West 43rd Street through its HLP Properties subsidiary from a partnership led by investor Steven Yavers, who confirmed the deal. The transaction closed Oct. 20, according to property records filed with the city Monday. Edison’s Manhattan Mini Storage has been a longtime tenant at the nearly 157,000-square-foot property, located between 10th and 11th avenues.

The deal for the location closed a week prior to Edison’s acquisition of another Hell’s Kitchen commercial building, at 620 12th Avenue, which the company bought for $55 million, as reported by The Real Deal.

The Gottesman-led firm has been on a Manhattan buying spree since selling a massive Chelsea development site near the High Line to Ziel Feldman’s HFZ Capital Group for $870 million earlier this year.

Edison acquired five former Ring portfolio buildings from Gary Barnett’s Extell Development for $268 million last month, as The Real Deal reported, in a 1031 exchange related to the High Line development site sale.

The firm did not return requests for comment on the transaction and whether it too qualified as a 1031 exchange for the company.


Related Articles

arrow_forward_ios
Extell's Gary Barnett, Robert Gans and an aerial of 616 11th Avenue (Robert’s Steakhouse, Google Maps)
Investor Robert Gans files for bankruptcy to thwart Barnett, Eli Tabak
Investor Robert Gans files for bankruptcy to thwart Barnett, Eli Tabak
Extell Development's Gary Barnett. Bluestone Group's Eli Tabak and 605 West 45th Street (Google Maps. LinkedIn, Extell Development)
Gary Barnett hunts lucrative Hell’s Kitchen assemblage
Gary Barnett hunts lucrative Hell’s Kitchen assemblage
Artist Hunt Slonem in front of 595 11th Avenue (Getty Images, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Rare bird: Artist leases entire Hell’s Kitchen building
Rare bird: Artist leases entire Hell’s Kitchen building
Apartments in the Bronx, Washington Heights top slow week for investment sales
Apartments in the Bronx, Washington Heights top slow week for investment sales
Apartments in the Bronx, Washington Heights top slow week for investment sales
Konrad Bicher and the MiMa at 450 West 42nd Street (Google Maps)
“Wolf of Airbnb” set up in luxury tower, Related claims
“Wolf of Airbnb” set up in luxury tower, Related claims
312 West 43rd Street, National Real Estate Advisors CEO Jeffrey Kanne and Taconic Partners' Paul Pariser and Charles Bendit (Google Maps, National Real Estate Advisors, Taconic Partners)
Taconic JV lands $204M loan for Hell’s Kitchen luxury rental
Taconic JV lands $204M loan for Hell’s Kitchen luxury rental
Kei Komuro and Princess Mako (Getty)
Beauty and the lease: ex-Japanese royal moves to Hell’s Kitchen one-bedroom
Beauty and the lease: ex-Japanese royal moves to Hell’s Kitchen one-bedroom
Council committee approves Windermere office conversion
City Council committee approves Windermere office conversion
City Council committee approves Windermere office conversion
arrow_forward_ios

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

Loading...