The Real Deal New York

Michael Aryeh triples his money with $65M sale of 163 Varick

APF Properties plans to transform building into 100K sf Class A office property
July 14, 2017 10:30AM

APF Properties’ Kenneth Aschendorf, Berndt Perl and 163 Varick Street in Soho

Landlord Michael Aryeh sold a six-story office building at 163 Varick Street in Soho for around $65 million — more than triple what he paid a decade ago.

The buyer was Kenneth Aschendorf and Berndt Perl’s APF Properties, who plan to double the size of the 50,000-square-foot office building. The deal closed Thursday, the New York Post reported. CBRE’s Darcy Stacom and Bill Shanahan were marketing the building.

Sources said APF has hired architecture firm HOK to design a massive overhaul for the building, including a gut renovation and expansion. Plans call for a 100,000-square-foot Class A boutique office building that will have a new address of 60 Charlton Street.

APF also owns the Gallery Building at 24 West 57th Street as well as 286 Madison Avenue, a 23-story office building, which it refinanced last year with a $60 million CMBS loan.

Aryeh’s Heritage Realty paid $19 million for the property in 2007. In April, Heritage sold a rent-stabilized building at 720 West 181st Street in Hudson Heights for $32 million — double what it paid three years prior.  [NYP]E.B. Solomont