The Real Deal New York

Benchmark has now sold over $400M worth of its holdings since 2015

Feldman and Vogel's firm just closed on the $33M sale of a Greenwich Village rental to Exan
By Chava Gourarie | December 22, 2017 12:45PM

From left: 82 West 12th Street, Aaron Feldman and Jordan Vogel

Jordan Vogel and Aaron Feldman’s Benchmark Real Estate Group continues its selling spree.

The value-add investor sold off a Greenwich Village rental for $32.5 million to Florida-based real estate firm Exan Capital, according to property records filed with the city Friday.

The 25-unit building at 82 West 12th Street is the third and final piece of a trio of Greenwich Village buildings Benchmark had marketed as a package. The firm was originally asking $130 million but all three sold in separate transactions for a total of $120.5 million.

Another Greenwich Village rental, at 65 Bank Street, sold for $31 million to Great Neck-based investor Soheil Khayyam, and an East Village rental at 200 East 11th Street sold to Shorenstein Properties for $57 million.

Benchmark paid $57 million to acquire 200 East 11th Street, but also sold the building’s retail condo in 2015 for $25 million.

That puts the total return on the 115-unit portfolio at $145.5 million, a 54 percent increase on the $95 million Benchmark paid for it between the years of 2011 and 2015.

Besen & Associates represented Benchmark on the West 12th Street and Bank Street deals. Amit Doshi, Shallini Mehra and Ron Cohen had the listings.

Vogel and Feldman have cashed out on more than $400 million worth of assets since 2015. Last Year, the Soho-based firm sold a 94-unit building in Gramercy Park to New York University for $88 million and a 36-unit Midtown East building for $48 million, among others.