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
Sonder CEO Francis Davidson and 130 Duane Street (Sonder, Google Maps)
Premier Equities buys Tribeca hotel, inks Sonder to lease
Premier Equities buys Tribeca hotel, inks Sonder to lease
Private investment funds targeting real estate had about $356 billion in cash reserves in April. (iStock)
Pension funds, private equity splurge on real estate
Pension funds, private equity splurge on real estate
1959 Jerome Avenue, 133-33 Brookville Boulevard and 407 Park Avenue. (Google Maps)
Office deals top last week’s mid-market i-sales
Office deals top last week’s mid-market i-sales
Marc Ganzi (Photo by Sonya Revell)
How Marc Ganzi bet Colony Capital’s future on the next-gen economy
How Marc Ganzi bet Colony Capital’s future on the next-gen economy
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
U.S. President Joe Biden removes his mask before speaking about updated CDC mask guidance. (Getty)
In CDC we trust: Mask guidance prompts changes
In CDC we trust: Mask guidance prompts changes
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
arrow_forward_ios

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

Loading...