Real estate investor Barry Lipsitz buys two Tribeca office buildings for $25M

Cape Advisors sold the buildings at 57 and 59 Murray Street

New York /
Apr.April 25, 2017 03:30 PM

Cape Advisors sold a pair of Small Buildings On Murray Street in Tribeca to real estate investor Barry Lipsitz for $25 million, according to records filed with the city Tuesday.

The two-story buildings at 57 and 59 Murray Street are part of a six-building assemblage at 57-61 Murray Street, which has an alternative address of 75 West Broadway, according to PropertyShark.

Cape Advisors paid $50 million for the collection in 2015, and last year filed plans for an eight-story, 21-unit condominium building at the site. Earlier this week the company secured more than $21 million for the $120-million project from a European fund, according to a press release from HFF, which arranged the joint venture.

Lipsitz’s father, also named Barry, operates the New York Dolls gentlemen’s club located at 59 Murray Street. Lipsitz the younger told The Real Deal “it made sense” to buy the buildings, which he will keep as a “long-term hold.” He said he plans to lease 57 Murray Street to a steak restaurant.

Liptsitz, who runs Lipsitz Property Group, said Cape Advisors will soon begin demolition on its condo project.

Soho-based Cape Advisors, founded by Curtis Bashaw and Craig Wood in 1995, has developed more than $1.5 billion in projects in New York City and New Jersey, according to its website. The firm is also developing a 23-unit project nearby at 30 Warren Street.

A representative from Cape Advisors could not be immediately reached for comment.


Related Articles

arrow_forward_ios
Sonder CEO Francis Davidson and 130 Duane Street (Sonder, Google Maps)
Premier Equities buys Tribeca hotel, inks Sonder to lease
Premier Equities buys Tribeca hotel, inks Sonder to lease
Private investment funds targeting real estate had about $356 billion in cash reserves in April. (iStock)
Pension funds, private equity splurge on real estate
Pension funds, private equity splurge on real estate
1959 Jerome Avenue, 133-33 Brookville Boulevard and 407 Park Avenue. (Google Maps)
Office deals top last week’s mid-market i-sales
Office deals top last week’s mid-market i-sales
Marc Ganzi (Photo by Sonya Revell)
How Marc Ganzi bet Colony Capital’s future on the next-gen economy
How Marc Ganzi bet Colony Capital’s future on the next-gen economy
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
U.S. President Joe Biden removes his mask before speaking about updated CDC mask guidance. (Getty)
In CDC we trust: Mask guidance prompts changes
In CDC we trust: Mask guidance prompts changes
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
arrow_forward_ios

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

Loading...