L+M Development Partners’ principal Sanford Loewentheil dished out $6.39 million for an apartment at Madison Realty Capital’s Gramercy condo conversion at 78 Irving Place, property records show.
The unit has three bedrooms and spans 2,210 square feet. Douglas Elliman’s Holly Parker is the building’s listing agent.
Loewentheil is one of the two founding partners of L+M, along with Ron Moelis. The firm specializes in affordable housing development, and last week announced plans to build two rental towers spanning almost 1 million square feet at 260 South Street in the Lower East Side.
This summer, Moelis bought a penthouse at the Tribeca condo 15 Leonard Street, where he is also one of the investors in the developing partnership, and immediately listed it for re-sale. Sources told The Real Deal that Moelis rented the unit to Kylie Jenner, who created a stir when she became trapped in the elevator and documented the ordeal on Snapchat.