Benchmark buys West Village multifamily building for $21M

Firm purchased the building from longtime owner Renaissance Properties

New York /
Jan.January 29, 2019 06:00 PM

35 Bedford Street (Credit: Google Maps)

After years of selling off properties, Benchmark Real Estate Group is back in the buying game.

The firm paid Renaissance Properties $21 million for a six-story building in the heart of the West Village, according to sources familiar with the deal. The property at 35 Bedford Street has 33 apartments and three retail units. Renaissance has owned it since at least 1982, according to property records.

Aaron Jungreis of Rosewood Realty Group brokered the transaction.

Renaissance declined to comment on the deal. Jordan Vogel of Benchmark said they plan to renovate the property and were interested in it because of its location and the upside they see in its rents.

The deal is a relatively rare purchase for Benchmark, which has been much more focused on selling its properties in recent years. Between 2015 and the end of 2017, the firm sold more than $400 million worth of its holdings, including 82 West 12th Street and 65 Bank Street in Greenwich Village.

“We’re definitely buying now,” Vogel said. “The market has moved such that if we can buy in a great location like the West Village at a 4.5 cap, we’re buyers.”


Related Articles

arrow_forward_ios
David Schonbraun (SL Green)
SL Green investment chief David Schonbraun steps down
SL Green investment chief David Schonbraun steps down
Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
Nearly half of new shops in 2021 will be dollar stores. (Getty)
2021 is raining dollar stores
2021 is raining dollar stores
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
(RIPCO, iStock)
Target, Five Below, Smashburger open in new Brooklyn shopping center
Target, Five Below, Smashburger open in new Brooklyn shopping center
Close to 80 hotels with more than 13,000 rooms plan to open in 2021. (iStock)
Big year seen for hotel openings, despite few visitors
Big year seen for hotel openings, despite few visitors
Savanna’s Christopher Schlank and Nicholas Bienstock with a rendering of 141 Willoughby Street (Savanna; SLCE Architects; Fogarty Finger Architects)
Savanna nabs $264M loan for Downtown Brooklyn office project
Savanna nabs $264M loan for Downtown Brooklyn office project
Blackstone president Jon Gray and the Blackstone headquarters at 345 Park Avenue in NYC (Getty, Google Maps)
Blackstone sets office return for some vaccinated staffers
Blackstone sets office return for some vaccinated staffers
arrow_forward_ios

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

Loading...