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

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)


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