DSA to buy 15-story FiDi dorm from Pace for $51M

75K sf property at 106 Fulton marketed as a condo conversion

TRD New York /
Sep.September 08, 2016 01:10 PM

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 TRData LogoTINY 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.

It was not immediately clear what DSA plans for the building, though NGKF’s Kenneth Zakin was marketing it as a possible condominium conversion with as many as 50 apartments.

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.

DSA, an investment firm and brokerage with offices in Union Square and Midtown West, sold six Brooklyn rental buildings to Akelius Real Estate Management for $124.5 million last year.

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.


Related Articles

arrow_forward_ios
Sonder CEO Francis Davidson (Credit: Linkedin)

“Nightmare” on Broad Street: lawsuit

“Nightmare” on Broad Street: lawsuit
Battery Park City and Financial District rental markets suffered due to the Covid-19 outbreak, while FiDi’s sales made gains and BPC sales tanked last quarter. (Credit: iStock)

Battery Park City sales hammered last quarter as FiDi sees uptick

Battery Park City sales hammered last quarter as FiDi sees uptick
Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Blackstone sells office tower at 44 Wall Street for $200M
Joe Moinian and 90 Washington Street (Credit: Google Maps, iStock)

Moinian sued for charging market-rate rents despite tax break

Moinian sued for charging market-rate rents despite tax break
Rudin Management's Bill Rudin and 55 Broad Street (Credit: Getty Images and Google Maps)

Charter school inks lease for FiDi office

Charter school inks lease for FiDi office
45 Broad Street and Madison Equities CEO Robert Gladstone (Credit: Getty Images)

Bob Gladstone, Gemdale put FiDi supertall on hold

Bob Gladstone, Gemdale put FiDi supertall on hold
25 Broad Street and renderings of interior units from Booking.com (Credit: Google Maps and Booking)

LCOR lands rental deal with Booking.com for empty condos

LCOR lands rental deal with Booking.com for empty condos
Fosun Property’s Bo Wei, Refinitiv’s David Craig and 28 Liberty Street (Credit: Getty Images, Google Maps)

Fintech firm signs on for massive lease at 28 Liberty

Fintech firm signs on for massive lease at 28 Liberty
arrow_forward_ios

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

Loading...