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.
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.