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

TRD New York /
Jun.June 21, 2017 02:00 PM

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

arrow_forward_ios
Rendering of the Tokyo Tokiwabashi project (Courtesy of Mitsubishi)

Mitsubishi unveils design for Japan’s tallest skyscraper

Mitsubishi unveils design for Japan’s tallest skyscraper
Charles Rettig, Commissioner of the IRS (Getty)

Opportunity Zone rule change seeks to entice foreign investors

Opportunity Zone rule change seeks to entice foreign investors
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)

Here’s how Industry City’s controversial rezoning unraveled

Here’s how Industry City’s controversial rezoning unraveled
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
arrow_forward_ios

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

Loading...