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

arrow_forward_ios
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
arrow_forward_ios

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

Loading...