Dalan Management, Elion Partners buy apartments across from Google HQ for $83M

Seller Brodsky Organization purchased portfolio in 1994

TRD New York /
Oct.October 01, 2018 03:03 PM

From left: Elion Partners’ Shlomo Khoudari (blue), 102-116 Eighth Avenue, and Dalan Management’s Danny Wrublin (red) (Credit: LinkedIn and Wikipedia)

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.


Related Articles

arrow_forward_ios
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
CEO Andrew Florance (Credit: CoStar via YouTube)

CoStar buying Ten-X for $190M

CoStar buying Ten-X for $190M
Small landlords, such as Jan Lee, a New York landlord who owns two buildings, say Wall Street players will take their place unless rent relief comes soon. (Credit: Twitter; background via BRYAN R. SMITH/AFP via Getty Images)

Small landlords call for rent relief package, fearing Wall Street takeover

Small landlords call for rent relief package, fearing Wall Street takeover
Cohen Brothers Realty president and CEO Charles Cohen and Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler

Hear from billionaire Charles Cohen on today’s TRD Talk

Hear from billionaire Charles Cohen on today’s TRD Talk
Northwind's Ran Eliasaf

Northwind Group launches $220M debt fund focused on NYC

Northwind Group launches $220M debt fund focused on NYC
(Credit: iStock, Pixabay)

NY bill would let businesses take temperatures, refuse entry

NY bill would let businesses take temperatures, refuse entry
arrow_forward_ios

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

Loading...