The Real Deal New York

Ariel Lahmi buys Tribeca building for over $1,000 a foot

Investor plans to convert five-story commercial property to resi
By Rich Bockmann | August 03, 2017 06:15PM

83-85 Worth Street in Tribeca and Ariel Lahmi (credit: YouTube)

Ariel Lahmi’s Beekman Real Estate Investment Management picked up a Tribeca commercial building for $21 million, which he plans to convert into residential condominiums.

Lahmi paid $1,006 per square foot to buy the five-story, 20,800-square-foot building at 83-85 Worth Street from Izi Moraru’s Vimar Realty Corporation, according to the brokers who negotiated the deal.

“He’s buying at $1,000 a foot on the existing space, and even with the loss factor he still feels very comfortable being able to sell out at Tribeca prices,” said Marcus & Millichap’s Joe Koicim, who brokered the sale of the property along with colleagues Peter Von Der Ahe, David Lloyd and Noah Kossoff.

Joe Koicim, David Lloyd and Peter Von Der Ahe

Neither Lahmi nor Moraru, who acquired the building for an undisclosed price in 2002, could be immediately reached for comment.

Lahmi’s firm paid $8.7 million in 2013 to buy a nearly 15,000-square-foot NoMad building at 15 East 31st Street, which the company is converting into residential condos. The company also partnered with Rubin Schron’s Cammeby’s International on the 2015 purchase of the 237-unit rental building at 30 Park Avenue in Murray Hill.