The Real Deal New York

Premier buying three NoMad buildings, LES retail condo

Victor Group is the seller of the properties on Fifth Ave. and 30th St.
By Miriam Hall | December 12, 2016 07:30AM

Premier Equities is in the process of bagging three NoMad buildings and a Lower East Side retail condominium unit in separate deals for a total of about $26 million, sources told The Real Deal. The firm recently closed on the purchase of two of the buildings and is in contract for the rest.

Premier TRData LogoTINY paid New Jersey-based developer Victor Group $12 million for 275 Fifth Avenue, and $4.6 million for the nearby 2 East 30th Street, property records show. The developer is in contract to buy Victor’s 273 Fifth Avenue for about $3.5 million, sources said.

The lot at 2 East 30th Street currently houses a five-story, 5,719-square-foot mixed-use building. The five-story apartment building at 275 Fifth spans 9,269 square feet. The adjacent four-story commercial building at 273 Fifth Avenue is 8,060 square feet. The two properties have a combined 49,000 buildable square feet. The deals for those buildings did not include air rights, which Victor will retain, sources said.

In 2014, Victor paid investment firm the Jackson Group a combined total of $35 million for the two Fifth Avenue properties. Brooklyn-based developer Rabsky Group had unsuccessfully sued Jackson, claiming the firm had backed out of a deal to sell the buildings.

Victor is partnering with Lend Lease to build 130 apartments at 281 Fifth Avenue.

Premier is also in contract to buy a 2,860-square-foot retail space on the ground floor of a six-story mixed-use building at 259 Bowery for $5.5 million, sources said. The space, owned by developer Charles Saulson, is leased to the art gallery Soho Contemporary Art. That lease expires in three years. Premier is already developing an eight-story, 23,500-square-foot retail-and-residential condo across the street, at 260 Bowery.

Premier — led by Uzi Ben-Abraham and Yaron Jacobi — has been an aggressive Manhattan retail investor for more than 20 years, with a focus on Soho and the Lower East Side. Recently, however, Premier has stepped up its development efforts.

The firm is developing a six-story retail-and-office building at 134 Wooster Street. In partnership with Cohen Equities, Premier owns the vacant 10,400-square-foot retail space at the base of the 26-story Hotel Indigo at 180 Orchard Street.

Representatives for Premier and Saulson declined to comment, while a Victor Group spokesperson could not be immediately reached.