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

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

TRD 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
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Silverstein Properties chairman Larry Silverstein (Getty)

Silverstein Properties raises $30M on Israeli bond market

Silverstein Properties raises $30M on Israeli bond market
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
City Council member Keith Powers (Getty)

Pol, biz groups: Suspend rent tax, extend outdoor dining

Pol, biz groups: Suspend rent tax, extend outdoor dining
arrow_forward_ios

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

Loading...