Invesco buys School of Visual Arts dorm for $174M

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

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.

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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.