Simon Baron Development bought out partner Quadrum Global’s stake in an Upper West Side rental building for $130.9 million.
Simon Baron, headed by Jonathan Simon and Matthew Baron, acquired a 97.8 percent stake in 393 West End Avenue, according to records filed with the city on Friday. The company is funding the purchase with a loan from Ascend Real Estate Partners. The property is a 16-story building at the corner of West 79th Street. The 134,200-square foot building contains 114 units, according to city data.
In 2012, Simon Baron partnered with London-based hedge fund Cube Capital to buy the property for $68.3 million. A year later, Cube spun out its real estate business into a new entity, Quadrum Global.
“The acquisition completes a successful partnership between Quadrum Global and Simon Baron for the asset and both firms continue to be partners on several other investments,” Matthew Baron, the president of Simon Baron Development, said in a statement.
The rental building was recently in the news due to controversial landlord Raphael Toledano. Simon Baron attempted to evict Toledano last year after he overstayed a three-month lease on a $13,800-per-month apartment. Toledano countered by claiming that the unit was illegally de-regularated, which gave him the right to continue occupancy as a rent-stabilized tenant. The two sides reached a settlement earlier this year on the $124,200 that Toledano owed in unpaid rent.
Elsewhere, Simon Baron and Quadrum Global recently completed a 43-story, 467-unit rental building at 29-22 Northern Boulevard in Long Island City. The tower will contain 14 floors of co-living units that will be managed by Ollie. The partners’ portfolio also includes the Arlo Hotel in NoMad and luxury residential property the Chamberlain at 269 West 87th Street.