Simon Baron buys out partner in UWS rental building for $131M

The firm acquired a 97.8 percent stake in the property

TRD New York /
Oct.October 12, 2018 06:00 PM

393 West End Avenue (Credit: Landmark West)

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.


Related Articles

arrow_forward_ios
Opendoor CEO Kevin Wu, Daniel Morillo and Ken Griffin (Getty; Opendoor; LinkedIn)

Opendoor hires CIO from Ken Griffin’s Citadel

Opendoor hires CIO from Ken Griffin’s Citadel
(Getty)

Manhattan rents fall below $3,000 for first time since 2011

Manhattan rents fall below $3,000 for first time since 2011
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
Existing home sales rose again in September as listed inventory sunk to a new low. (iStock)

Existing homes sales remain high, but inventory is “historically low”

Existing homes sales remain high, but inventory is “historically low”
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
660 Madison Avenue (Photo via Jenel Real Estate)

Safra family finally begins 660 Madison’s office-to-resi conversion

Safra family finally begins 660 Madison’s office-to-resi conversion
arrow_forward_ios

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

Loading...