Dennis Wong buys out Dermot at Kips Bay rental building

The $50M stake sale ups Verbena Road's ownership in the 23-story building

New York /
Feb.February 12, 2018 11:40 AM
Dennis Wong and 377 East 33rd Street

Dennis Wong And 377 East 33rd Street in Kips Bay

Dennis Wong bought out the Dermot Company’s stake in the 23-story luxury rental building at 377 East 33rd Street, records filed with the city Monday show. The stake sold for $49.5 million.

Wong, who runs Verbena Road Holdings (previously SPI Holdings), is also an investor in Dermot. Therefore, his increased ownership in the Kips Bay building is moving from one of his investment concerns to another. Previously, sources told The Real Deal that Wong wanted fuller control of the property after becoming dissatisfied with Dermot’s management.

Apartments at 377 East 33rd Street, known as the Lanthian, currently list for between $2,815 for a studio up to $5,827 for a large two-bedroom.

Dermot bought the 209-unit building from its developer, AvalonBay Communities, for $175 million in 2015. It holds 185,549 square feet of residential space and 19,000 square feet of commercial space.

Wong did not immediately respond to a request for comment. The San Francisco developer is also a minority owner in the NBA team the Golden State Warriors. His stake in Dermot was first reported in 2015, after he purchased a 50 percent stake in the company in partnership with Dermot executives and the London-based Forum Partners.

In 2016, Verbena Road acquired a portfolio of Los Angeles-area rental buildings for $430 million.

Last year, Wong put his Bay Area mansion on the market for $32.8 million.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Signature Bank CEO Joseph DePaolo (Signature Bank, iStock)
Signature Bank reports record results
Signature Bank reports record results
Hudson Yards (Getty, iStock)
City’s bet on Hudson Yards beginning to pay off
City’s bet on Hudson Yards beginning to pay off
The Closing: Ron Dickerman
The Closing: Ron Dickerman
The Closing: Ron Dickerman
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
(Unsplash / Pierre Châtel-Innocenti)
September slump sends real estate stocks back to July
September slump sends real estate stocks back to July
Rounding out the top five list in terms of return on home investment adjusted for risk are Tampa, Washington DC and Boston (Getty)
New York and LA homes showed best risk-adjusted returns in the country
New York and LA homes showed best risk-adjusted returns in the country
arrow_forward_ios

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

Loading...