L+M’s Sandy Loewentheil buys 78 Irving pad for $6.4M

Silverstone Property is the developer behind the 7-story conversion

New York /
Dec.December 08, 2016 02:00 PM

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 TRData LogoTINY 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.

Madison Realty’s development subsidiary Silverstone Property bought the seven-story former rental building 78 Irving Place for $18 million in 2013 and subsequently converted it to condos.


Related Articles

arrow_forward_ios
L+M Development Partners' Ron Moelis and a rendering of Sendero Verdo (Photos via L+M; Handel Architects)

L+M in deal with union laborers to cut wages on affordable projects

L+M in deal with union laborers to cut wages on affordable projects
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)

Related to buy Section 8 buildings for $435M

Related to buy Section 8 buildings for $435M
Ilan Bracha, Haim Binstock and 39 East 72nd Street (Getty, Elliman)

Vanderbilt mansion condo conversion in foreclosure

Vanderbilt mansion condo conversion in foreclosure
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
Brian Harris, CEO of Ladder Capital (Credit: iStock)

“What, me worry?” Ladder Capital says it can easily meet margin calls

“What, me worry?” Ladder Capital says it can easily meet margin calls
Ladder Capital's Brian Harris and Madison Realty Capital's Josh Zegen (Credit: Ladder Capital; Madison Realty Capital)

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff
Madison makes $157M loan on Santa Monica rental projects

Madison makes $157M loan on Santa Monica rental projects

Madison makes $157M loan on Santa Monica rental projects
Clockwise from the bottom: Judge Arthur Engoron, JDS Development’s Michael Stern, L&M’s Ron Moelis, Josh Siegel of Starrett with a rendering of Two Bridges (Credit: Twitter and Curbed NY)

Judge deals another blow to Two Bridges towers

Judge deals another blow to Two Bridges towers
arrow_forward_ios

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

Loading...