In 1994, three years before Larry Page and Sergey Brin developed Google Search, the Brodsky Organization bought a block of apartment buildings across the street from what was then the headquarters of the Port Authority of New York and New Jersey.
Of course, Google went on to buy the Port Authority building for $1.9 billion in 2010 and the Chelsea Market building for $2.4 billion this year. And now, Brodsky’s capitalizing on the growth that the internet giant has helped spur in the neighborhood.
Dalan Management Associates and Miami-based Elion Partners teamed up to buy the “Chelsea Collection” from Brodsky for $83 million in an off-market transaction, the buyers told The Real Deal.
“The ability to acquire an entire blockfront directly across the street from Google is something that doesn’t come up every day,” said Daniel Wrublin, who founded Dalan Management with his father, Andrew Wrublin, in 2008.
The deal closed this afternoon. The portfolio, which has addresses running from 102-116 Eighth Avenue, spans 115,000 square feet with 102 apartments and 10 ground-floor retail units. M&T Bank provided financing for the deal.
An Eastdil Secured team of Jean Celestin, Dan O’Brien and Brett Siegel represented the Brodsky Organization in the sale.
This is the second acquisition in New York for Dalan Management and Elion Partners, which in June bought an apartment building on the Upper West Side for $66 million.
Dalan Management in August recapitalized a pair of Midtown South office buildings with Boston-based Marcus Partners in a $54.5 million deal.