Invesco buys School of Visual Arts dorm for $174M

Construction at the 146,000-square-foot dormitory finished this week

TRD New York /
Nov.November 15, 2016 04:11 PM
Ben Shaoul and the School of Visual Arts dorm (Credit: Magnum)

Ben Shaoul and the School of Visual Arts dorm (Credit: Magnum)

UPDATED, 6:00 p.m., Nov. 15: Invesco Real Estate bought the School of Visual Arts dormitory building in Kips Bay from a partnership led by Magnum Real Estate Group and Winter Properties for $174 million, according to property records filed with the city Tuesday.

Magnum and Winter Properties partnered in 2013 to buy the site at 340 East 24th Street for $32.3 million from the nonprofit International Center for the Disabled. The companies then developed the 14-story, 146,000-square-foot dormitory that was designed by Ismael Leyva Architects.

Dallas-based Invesco has been expanding its real estate holdings in New York City since 2011. The company paid $112 million for a Soho condominium at 139 Spring Street in January.  Last year, it bought an 80 percent stake in a mixed-use building at 131-137 Spring Street from SL Green.

Magnum, led by Ben Shaoul, is known for developing luxury condominiums in Manhattan. In September, the company received a $195 million loan for its condo development at 196 Orchard Street.

Winter Properties, headed by David Winter and David Millstone, is the real estate investment arm of Standard Industries. The company is a related investment business to Standard Industries.

Eastdil Secured represented the sellers. Representatives for Magnum, Winter Properties and Invesco could not be immediately reached for comment.

Correction: A previous version of this story referred to 40 North Properties as an owner and developer of the property. It is Winter Properties.

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