Shorenstein picks up East Village rental building for $57M

Benchmark paid the same price to buy it in 2013, but then sold the retail in 2015

Jun.June 21, 2017 02:00 PM

From left: Benchmark’s Jordan Vogel, Shorenstein’s Brandon Shorenstein and 200 East 11th Street

An affiliate of Shorenstein Properties TRData LogoTINY has added an East Village rental building to its portfolio, shelling out $57 million for Benchmark Real Estate Group’s 200 East 11th Street.

Benchmark purchased the 12-story, 57,000-square-foot building for the same price in 2013, and then sold the retail condominium portion in 2015 for $25 million, Benchmark’s Jordan Vogel told The Real Deal on Wednesday.

HFF represented Benchmark on the deal and arranged $31 million in financing from Helaba Bank on Shorenstein’s behalf. Representatives for the San Francisco-based Shorenstein Company, an arm of Shorenstein Properties, confirmed the purchase.

Benchmark started marketing the building for sale last year, along with two other buildings in the West Village. The investment firm was seeking $130 million total for all three properties.

In March, Benchmark sold one of the buildings, 65 Bank Street, for $31 million. The firm had purchased the property, a 37-unit rental building, for $15.2 million in 2015. The third building, at 82 West 12th Street, is still available.

Benchmark has shed several of its rental properties in the past year, including a Midtown West building for $48 million in May and a rental building near Gramercy Park for $87.5 million in March 2016.

Shorenstein recently scored a new tenant at its Garment District office building at 1407 Broadway. Women’s footwear designer Vince Camuto inked a 10-year lease for nearly 43,000 square feet.

(To view Shorenstein Properties’ office leasing transactions, click here)

Related Articles

Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions