Rami Ungar, Pace University were buyers of 33 Beekman ground lease

Israeli shipping magnate paid $158M for his portion, while Pace paid $38M

New York /
May.May 16, 2016 12:55 PM

Pace University bought an interest in its new Downtown dormitory in October from SL Green Realty and the Naftali Group, but the lion’s share went to Rami Ungar, head of Israeli shipping firm Ray Car Carriers.

Ungar paid $158 million for an undisclosed stake in the ground lease for the 772-bed, 179,000-square-foot dormitory building, completed last year, according to city records made public today. Pace, whose students will live in the dorm, paid $38 million for its stake in the building, records show.

SL Green, the city’s largest office landlord, and Naftali bought a 51 percent fee interest in the property in 2012 from Massachusetts-based Jiten Hotel Management. Harel Insurance and Finance, based in Israel, which also partnered with SL Green on its first dorm project for Pace, at 182 Broadway, joined as an investment partner with a 41 percent interest.

The property had previously been owned by Sam Chang’s McSam Hotel Group, which had planned to build a 36-story hotel on the site. Chang sold the distressed property in 2011 for $15.7 million, having bought it for $22 million in 2007.

SL Green declined to comment and Naftali and Ray Car Carriers didn’t return requests for comment.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
RSA president Joe Strasburg, President Joe Biden and NAA President Bob Pinnegar (Getty, NAA)
Biden to approve new, targeted eviction ban as landlords plead for rent relief
Biden to approve new, targeted eviction ban as landlords plead for rent relief
JetBlue cancels flight to Florida, keeps HQ in New York City
JetBlue cancels flight to Florida, keeps HQ in New York City
JetBlue cancels flight to Florida, keeps HQ in New York City
Keller Williams president Marc King and kwx CEO Carl Liebert 
Keller Williams breaks sales records for fourth straight quarter
Keller Williams breaks sales records for fourth straight quarter
Plant Prefab CEO Steve Glenn (Plant Prefab)
Homebuilder Plant Prefab nabs Series B funding, eyes 3rd factory
Homebuilder Plant Prefab nabs Series B funding, eyes 3rd factory
Mayor Bill de Blasio (Getty, iStock)
NYC to require vaccines for indoor dining, gyms and performance venues
NYC to require vaccines for indoor dining, gyms and performance venues
arrow_forward_ios

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

Loading...