AEW Capital’s Hell’s Kitchen rental tower in contract for $193M

The Dermot Company is purchasing the building

TRD New York /
Apr.April 25, 2018 09:45 AM

520 West 43rd Street and Steve Benjamin

The Helux, a rental tower in Hell’s Kitchen, is being bought by a group of investors led by the Dermot Company’s Steve Benjamin for $193 million.

The Gotham Organization built the property at 520 West 43rd Street in 1998, according to the New York Post. It contains 375 units, and Boston-based AEW Capital Management purchased it in 2013 for $170 million. Rose Associates has been managing the 35-story building.

The Helux has set aside 20 percent of units for low-income families, although this agreement will expire next year. A source told The Real Deal that Benjamin plans to take advantage of the new 421a tax break, which would extend 15 years and require the new owners to increase the rate of affordable units to 25 percent.

A Cushman & Wakefield team led by Adam Spies, Doug Harmon, Josh King, Adam Doneger and Marcella Fasulo marketed the building.

The Post said Benjamin’s investment group includes USAA and Dutch pension fund PGGM.

The deal should officially close this summer. [NYP]Eddie Small

Related Articles

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

From left: Pavel Fuks, Michael Cohen, Felix Sater, and Donald Trump (Credit: Getty Images and Wikipedia)

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down