Benchmark sells two Chelsea rentals for $27M

Head of pipe supplier and partner pick up 10th Avenue properties

New York /
Nov.November 17, 2015 12:23 PM

A family partnership led by the head of Brooklyn-based Davidson Pipe Supply picked up two Chelsea rental buildings for $26.5 million from Benchmark Real Estate Group, according to property records filed with the city Monday.

The buyers, Peter Davidson of Davidson Pipe Supply and Robert Krueger, are based in the Long Island hamlet of Hewlett, records show. They acquired two six-story buildings at 246 And 248 10th Avenue, near West 25th Street. Benchmark, a Soho-based firm led by Aaron Feldman and Jordan Vogel, paid just $14.4 million total for the properties last year.

The buildings have a total of 17 residential units — eight at 246 10th Avenue and nine at 248 10th Avenue — and each have a ground floor commercial unit. Collectively, the buildings span 17,100 square feet of residential space and 3,150 square feet for retail. Italian restaurant Bottino is among the ground-floor retail tenants.

Davidson, who declined to comment, also owns a Brooklyn Heights residential building at 43 Pierrepont Street.

Jesse Rubens of MHP Real Estate Services represented the buyers in the deal, and Benchmark was represented by Eleas Mathios and Shlomo Gelernter of Arch Equities.

In July, Benchmark, which focuses on value-add acquisitions of rentals, bought a 12-story Brooklyn Heights rental building for north of $40 million.


Related Articles

arrow_forward_ios
A photo illustration of MAG Partners' MaryAnne Gilmartin along with a rendering of 335 Eighth Avenue (Getty, MAG Partners)
MAG Partners clinches 99-year Chelsea ground lease
MAG Partners clinches 99-year Chelsea ground lease
CompStak’s Michael Mandel and GFP’s Jeff Gural with 675 Sixth Avenue (LinkedIn, GFP Real Estate, Google Maps, Getty)
CompStak inks 26K sf lease for new Chelsea HQ, doubling NYC office space
CompStak inks 26K sf lease for new Chelsea HQ, doubling NYC office space
David Zwirner and Elijah Equities principal Hiram Haddad with 520 West 20th Street in Manhattan NYC (Wikipedia, Elijah Equities, Google Maps)
David Zwirner adds office space in Chelsea
David Zwirner adds office space in Chelsea
Hugh Jackman and 100 Eleventh Avenue #PHA (Getty, StreetEasy)
Hugh Jackman buys penthouse at Jean Nouvel tower
Hugh Jackman buys penthouse at Jean Nouvel tower
160 West 24th street with Greystar’s Bob Faith and CBRE Investment’s Chuck Leitner (Streeteasy, Greystar, CBREIM)
CBRE snaps up $245M Chelsea apartments
CBRE snaps up $245M Chelsea apartments
From left: 121 West 26th Street, Watermark’s Brendan Medzigian and Two Kings Principal Christopher Wang (Google Maps, Watermark , LinkedIn)
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Red Apple Group's John Catsimatidis and 280 Eighth Avenue (Red Apple Grpup, Google Maps)
John Catsimatidis plans mixed-use Chelsea project
John Catsimatidis plans mixed-use Chelsea project
Pier 57 in Chelsea. (Google)
Google opens new Pier 57 to employees, public
Google opens new Pier 57 to employees, public
arrow_forward_ios

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

Loading...