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 Article

Jeremy Lynford and 55 John Street (Credit: Getty Images, Google Maps, iStock)

NYC’s largest student housing firm makes a $101M gamble on owning its own real estate

Fearless Girl and Charging Bull statues, and an aerial view of Battery Park (Credit: Getty Images)

Resi sales are slow in Battery Park City, while FiDi sees uptick

Samson lands $109M refi for Fifth Avenue office building

195 Broadway and JPMorgan Asset & Wealth Management CEO Mary Callahan Erdoes (Credit: Wikipedia)

JPMorgan looks to sell 1.1M sf FiDi office building for $730 psf

FiDi sales are still falling as homes sell at
a discount

After Durst’s rejection at One WTC, WeWork signs big lease in FiDi

China Oceanwide looks to sell Seaport dev site amid broader financial concerns

FiDi is flooded with condos — and sales
are tumbling