Dennis Wong buys out Dermot at Kips Bay rental building

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

TRD 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

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

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

Michael Shvo with 711 5th Avenue (Credit: Getty Images, and Google Maps)

Michael Shvo seeking $600M to refinance Coca-Cola Building

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

L&L, Safehold lock in $592M in financing for Downtown building

Tore Steen, CEO of CrowdStreet (Credit: iStock)

CrowdStreet lands $12M in financing, hires execs

A rendering of the The Epic in Dallas, Texas and Westdale CEO Joe Beard (Credit: Westdale, Wikipedia)

No panic: Westdale mulls $50M Series B bond raise in Tel Aviv