Quality Capital, Caerus plan 14-story Village office building

Partners Samson Klugman, Leo Tsimmer paid $60M for site last year

TRD New York /
Jun.June 10, 2016 12:43 PM

Investors Samson Klugman and Leo Tsimmer are planning to bring a 14-story, 70,000-square-foot retail-and-office building to Greenwich Village.

The 289-foot-tall building will rise at 827 Broadway across the street from the Strand Bookstore, just south of Union Square, according to a permit application filed with the Department of Buildings Friday.

Retail will span the first three floors of the building, with the remaining 11 floors devoted to office space. The plans call for terraces on the fourth floor and roof — an amenity many landlords in the Midtown South market consider a necessity in order to attract tenants.

Along with Tsimmer’s Caerus Group, Klugman’s firm Quality Capital bought a pair of four-story buildings at 827-829 and 831 Broadway last summer for $60 million in August.

Klugman could not be immediately reached for comment, but he had previously told TRD he thought the deal penciled out on the strength of the retail space alone.

“I purchased them due to the 10,000 square feet of prime retail space on Broadway 250 feet from the heart of Union Square,” he said. “We feel the residual value of the retail alone is worth the full purchase price.”

The two buildings, which have 75 feet of frontage on Broadway, are home to the women’s clothing store Nu New York and Halstead Property in the retail spaces, with two floors of residential rentals above.

Quality Capital recently sold a Downtown Brooklyn site with nearly 120,000 square feet of buildable space to Gotham Capital for $47 million. Caerus also recently landed $50 million from Apollo Commercial Real Estate Finance to fund its acquisition of two Midtown office buildings at 4 and 10 East 34th Street.


Related Articles

arrow_forward_ios
TriArch Real Estate Group founder Chris DeAngelis and Pebb Capital principal James Jago

Student housing property near NYU trades for $104M

Student housing property near NYU trades for $104M
Tamara Mellon and her former home at 155 West 11th Street (Credit: Getty Images)

Jimmy Choo co-founder Tamara Mellon sells condo for $19M

Jimmy Choo co-founder Tamara Mellon sells condo for $19M
297 West 12th Street and Steve Croman (Credit: Google Maps and Getty Images)

Croman backed out of deal over rent-control concerns: lawsuit

Croman backed out of deal over rent-control concerns: lawsuit
Steve Croman and 566 Hudson Street (Credit: Google Maps, iStock)

Steve Croman sued over illegally deregulating apartments

Steve Croman sued over illegally deregulating apartments
184-188 West 10th Street (Credit: Google Maps)

Here’s what the $10M-$20M NYC investment sales market looked like last week

Here’s what the $10M-$20M NYC investment sales market looked like last week
These are some of the most notable resi sales of the week

These are some of the most notable resi sales of the week

These are some of the most notable resi sales of the week
Charity doesn’t come cheap: Former Bear Stearns exec relists townhouse for $60M

Charity doesn’t come cheap: Former Bear Stearns exec relists townhouse for $60M

Charity doesn’t come cheap: Former Bear Stearns exec relists townhouse for $60M
Historic Greenwich Village theater Quad Cinema could face eviction

Historic Greenwich Village theater Quad Cinema could face eviction

Historic Greenwich Village theater Quad Cinema could face eviction
arrow_forward_ios

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

Loading...