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

Investor plans to convert five-story commercial property to resi

New York /
Aug.August 03, 2017 06:15 PM

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.

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.


Related Articles

arrow_forward_ios
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Urban Commons' Salvatore G. Takoushian with Wagner at the Battery
Urban Commons puts FiDi hotel into bankruptcy
Urban Commons puts FiDi hotel into bankruptcy
(Illustration by The Real Deal; Getty)
Multifamily faces stricter emission caps
Multifamily faces stricter emission caps
arrow_forward_ios

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

Loading...