The Real Deal New York

LLC tied to former Soros protégé seeks 93% return on West Chelsea building

High Line Realty LLC paid $27M for 555 West 25th St. in 2014
By E.B. Solomont | May 01, 2018 01:55PM

555 West 25th Street, Douglas Elliman’s Yoko Sanada and Mark Sonnino (Credit: Getty)

An entity managed by hedge funder Mark Sonnino is shopping a West Chelsea office property for $52 million — four years after paying $27 million in an all-cash deal.

Located at 555 West 25th Street, the six-story loft building has just over 51,000 rentable square feet, according to listing agent Yoko Sanada of Douglas Elliman. At the current asking price, that works out to $1,013 per foot.

Property records show that High Line Realty LLC — an entity managed by Sonnino — bought the building in 2014 from Sharone Ben-Harosh of FlatRate Moving.
The deal closed a few months after another Sonnino affiliate sold 144 Duane Street for $43 million.

Sonnino, a former protégé of George Soros, co-founded Satellite Asset Management, which had approximately $7 billion under management in early 2008. The fund closed during the financial crisis. Sonnino declined to comment.

Sanada said the current owner spent a considerable amount of time and money updating the building over the past few years.

The property currently generates net operating income of $1.8 million, but many of the leases are under value, said Sanada, who represented the owner in the 2014 purchase along with Compass president Leonard Steinberg.