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.