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
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
A view of the development site with Bears & Eagles Riverfront Stadium and Madison Realty Capital’s Josh Zegen (City of Newark, Wikimedia/buba69)
NJ developer lands $400M apartment loan
NJ developer lands $400M apartment loan
(Photo illustration by The Real Deal)
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
From left: Letitia James, Raphael Toledano and Josh Zegen with 223 East 5th Street and 325 East 12th Street (Getty, Google Maps)
Madison Realty Capital to give Toledano tenants $1M in rent credits
Madison Realty Capital to give Toledano tenants $1M in rent credits
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)
$78.6M sub-performing loan on Union Crossing up for sale
$78.6M sub-performing loan on Union Crossing up for sale
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
arrow_forward_ios

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

Loading...