The Real Deal New York

Tawil’s Centurion buys Soho rental buildings for $62M

Thompson Street buy also includes 5 retail units
By Chava Gourarie | January 11, 2018 11:20AM

Ralph Tawil and 68-72 Thompson Street

The Tawil family’s Centurion Realty added to their Soho portfolio with the purchase of two buildings containing 67 residential units on Thompson Street for $62 million.

The property, at 68-72 Thompson Street, consists of two contiguous six-story buildings with five storefronts and 100 feet of frontage on Thompson Street between Broome and Spring Streets. Of the 67 apartments, 56 are market-rate and 11 are rent-regulated.

The seller, Joseph Nabavi of Direct Management Corporation, has owned the building since 1995. In 2011, residents in the building were evacuated after a fire started in the basement of 68 Thompson Street, which spurred a legal tussle with the landlord.

The buildings, which were built in 1901 and are located in the South Village Historic District, were renovated in 2015.

The Commercial Observer reported the sale Wednesday. Brandon Polakoff and James Nelson of Cushman & Wakefield had the listing.

Ralph Tawil said the company was happy to add to their Soho portfolio, with includes mixed-use buildings at 123 Prince Street, 415 West Broadway and 465 West Broadway, among others. Centurion also recently sold the Gansevoort Park Avenue NYC for close to $200 million.