Elad scoops up commercial space at One West End for $51M

Developer built 43-story tower One West End with Silverstein Properties

New York /
Apr.April 15, 2019 04:25 PM
One West End with Silverstein CEO Marty Burger (blue) and Elad Group founder Isaac Tshuva (yellow) (Credit: Google Maps, CunyTV via YouTube, and Elad Group)

One West End with Silverstein CEO Marty Burger (blue) and Elad Group founder Isaac Tshuva (yellow) (Credit: Google Maps, CunyTV via YouTube, and Elad Group)

The Elad Group has picked up a trio of commercial units at the new luxury condominium tower it recently built with Silverstein Properties on the Upper West Side.

Elad, through several limited liability corporations, shelled out $51 million for the retail unit and two garages at One West End from the joint venture it has with Silverstein to construct the 43-story tower, according to property records filed Monday. FS CREIT Originator, LLC provided $38 million in financing. The entity is a subsidiary of FS Credit Real Estate Income Trust, Inc., a non-traded real estate investment trust sponsored by FS Investments and sub-advised by Rialto Capital.

A message left for the Elad Group was not immediately returned. Silverstein Properties declined to comment beyond confirming that Elad acquired the units from the joint venture.

Located at 11th Avenue and 59th Street, a few blocks from Lincoln Center, One West End has 246 luxury condos and 116 affordable rental units. The project, designed by Hill West Architects and Pelli Clarke Pelli, opened in 2017.

In September, an entity that appears to be controlled by Nightingale Properties CEO Elie Schwartz bought a $17.9 million, 5,900-square-foot penthouse at the complex. And in January 2018, Touro College bought a 67,000-square-foot unit for $70 million for dormitory use.

Douglas Elliman’s Fredrik Eklund and John Gomes, of Bravo’s “Million Dollar Listing New York” fame, are heading up sales for the residential units.


Related Articles

arrow_forward_ios
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
Amazon's Jeff Bezos, Google's Sundar Pichai and Facebook's Mark Zuckerberg (Getty, iStock)

Tech giants occupy nearly 600M-sf of US real estate

Tech giants occupy nearly 600M-sf of US real estate
arrow_forward_ios

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

Loading...