Stone Street buys Hell’s Kitchen rental for $24M

Jeff Kaye's firm acquires 37K sf property from LA-based MWest

New York /
Jan.January 29, 2016 01:30 PM

Jeffrey Kaye’s Stone Street Properties closed this week on the purchase of a 47-unit Hell’s Kitchen rental building from Los Angeles-based MWest Holdings for $23.5 million.

The five-story elevator building, located at 440 West 47th Street between Ninth and Tenth avenues, spans more than 37,000 square feet and includes a 3,700-square-foot, basement level commercial unit. Roughly three-quarters of the building’s 46 apartments are market-rate, according to sources with knowledge of the transaction, while the rest are rent-stabilized.

The property was built in 1940 and underwent a full renovation in 1984, per MWest Holdings’ website. Kips Bay-based Marin Management ran the building through a third-party property management agreement with MWest, sources said.

A Cushman & Wakefield team led by Bob Knakal and Christoffer Brodhead brokered the transaction, which caps around $225 million worth of investments for Kaye’s firm over the last nine months.

In September, Stone Street paid $123 million for two Gramercy Park rental buildings and bought a Union Square rental property for $21.5 million, as The Real Deal reported.

MWest, led by Karl Slovin, is a real estate investment and property management firm with more than 2 million square feet of residential and commercial holdings nationally.

The L.A. firm’s New York properties include a 36-unit, 20,000-square-foot apartment building at 426-428 West 48th Street, also in Hell’s Kitchen, and a 27,000-square-foot mixed-use apartment building at 221 Second Avenue in the East Village.

Stone Street and Cushman & Wakefield declined to comment on the deal. MWest and Marin did not return requests for comment.


Related Articles

arrow_forward_ios
A new report argues that distress and declining values in rental properties is an opportunity for decommodification of multifamily buildings. (iStock; Chart via Furman Center)

Tenant group sees opportunity in multifamily foreclosures: report

Tenant group sees opportunity in multifamily foreclosures: report
Falling prices and concessions are bringing Manhattan and Brooklyn renters back (iStock)

New leases in Manhattan and Brooklyn surge: Elliman

New leases in Manhattan and Brooklyn surge: Elliman
From left: State senator Jabari Brisport and State Assembly members Jennifer González-Rojas and Phara Souffrant,  (Photos via Victory Fund; Facebook; Pharaforassembly)

New York’s own “squad” heads to Albany

New York’s own “squad” heads to Albany
(Getty, iStock)

NYC rents and inventory dipped in October

NYC rents and inventory dipped in October
Bronx Assembly member Jeffrey Dinowitz and Gov. Andrew Cuomo (Getty)

Landlords face hard deadline on court-ordered building repairs

Landlords face hard deadline on court-ordered building repairs
Equity Residential chairman Sam Zell (Getty)

Equity Residential sees profits drop 58%

Equity Residential sees profits drop 58%
(iStock)

Dead weight: A breakdown of NYC’s rental listing glut

Dead weight: A breakdown of NYC’s rental listing glut
(Getty)

Manhattan rents fall below $3,000 for first time since 2011

Manhattan rents fall below $3,000 for first time since 2011
arrow_forward_ios

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

Loading...