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New York

Two Trees to buy building from Moinian

September 03, 2010 03:00PM

David Walentas and 50 West 23rd Street

David and Jed Walentas, the father-and-son real estate team that heads Two Trees Management, are in contract to buy a $129.5 million Chelsea office building from Joseph Moinian’s the Moinian Group, the Observer reported. In an off-market deal, the company gave a hard deposit last Friday for the 340,000-square-foot loft building at 50 West 23rd Street, next to Home Depot. The acquisition is scheduled to close within the month. According to Asher Abehsera, vice president at Two Trees, this is the company’s first office building acquisition in Manhattan, with more expansion to come. The Walentases have started construction on an Enrique Norten-designed, 900-unit rental apartment building at 54th Street and 11th Avenue. [NYO]

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