The Real Deal New York

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

Silverstone Property is the developer behind the 7-story conversion
By Konrad Putzier | December 08, 2016 02:00PM

Sanford Loewentheil and 78 Irving Place

Sanford Loewentheil and 78 Irving Place

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.