Onyx Equities buying $60M leasehold on ex-TCI College campus

NJ investment firm planning an office conversion at 320 West 31st St.

New York /
Sep.September 26, 2017 04:55 PM

Onyx Equities is in contract to pick up the leasehold on the now-defunct TCI College of Technology’s longtime Chelsea home for about $60 million, The Real Deal has learned.

The New Jersey-based investment firm, led by John Saraceno and Jonathan Schultz, is planning an office conversion of the vacant four-story, 116,000-square-foot building at 320 West 31st Street, sources said.

After more than a century in operation, the for-profit technical college closed its doors on Sept. 1, citing economic reasons. TCI had net-leased the property since 1997, according to a U.S. Securities and Exchange Commission filing.

Andrew Edelman’s Charand Real Estate Associates, which controls the entity Overtime Properties LLC, has owned it since the 1980s, property records show. The building is located between Eighth and Ninth avenues.

If the deal closes, the price per square foot would come out to about $517.

It was not clear if Onyx plans to expand the property, which has over 115,000 square feet of unused development rights.

Colliers International’s David Glassman, who also handles leasing at the building, is brokering the purchase.

Onyx is also in the market for between $40 million to $45 million in acquisition financing, sources said. Newmark Knight Frank’s Jordan Roeschlaub and Dustin Stolly are handling that search.

Newmark declined to comment, and neither Onyx nor Colliers could be immediately reached.

Onyx is planning another conversion right next door. It partnered with KBS Capital last year to convert a two-story church at 210 West 31stStreet into a retail property. Onyx has been in contract for nearly a year to sell an 80 percent stake in that building to KBS for $39.8 million.

These two pending purchases look to be Onyx’s only major New York City deals to date. The firm primarily buys commercial properties in New Jersey, Philadelphia and New York suburbs.


Related Articles

arrow_forward_ios
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
arrow_forward_ios

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

Loading...