Arik Lifshitz’s DSA Property Group is in contract to buy a 15-story dormitory building in the Financial District from Pace University for $51 million, sources told The Real Deal.
The private university hired Newmark Grubb Knight Frank in March to market the 75,000-square-foot property at 106 Fulton Street, between Dutch and William streets. The building, which Pace converted into dorms in 1999, also has a Burger King on the ground floor.
Department of State records show DSA registered the entities 106 Fulton Street Ventures LLC and 106 Fulton Street Owner LLC last month.
Lifshitz and Zakin declined to comment, while a spokesperson for Pace could not be reached.
Pace, founded in 1906, has frequently dealt with the city’s real estate players in various trades. Pace and Israeli shipping magnate Rami Ungar paid a combined $196 million to SL Green Realty and the Naftali Group for the ground lease of a 179,000-square-foot Pace dorm at 33 Beekman Street completed last year. In 2014, SL Green, Jeff Sutton and Israeli insurer Harel Insurance Investments & Financial Services bought the condo interest in the dorm portion of 182 Broadway for $42.1 million.