Benchmark sells Kips Bay rental for $68M
Firm bought the nine-story property in 2012 for $44 million
Benchmark Real Estate Group sold a 101-unit rental building in Kips Bay for $68.3 million, The Real Deal has learned.
A private, Long Island-based investor bought the building at 435-429 Third Avenue, on the corner of East 30th Street, and plans to own and manage it long term. Benchmark, founded by Aaron Feldman and Jordan Vogel in 2009, bought the property in 2012 for $44 million and soon renovated the bulk of it.
The roughly 66,000-square-foot, nine-story elevator building includes 101 apartments and a 5,000-square-foot retail component divided into three spaces.
Westwood Realty Associate’s Steven Vegh was the sole broker on the transaction.
“This sale confirms Benchmark’s ability to create added value by improving the apartments and building overall,” Vegh said, “while giving the new owner a solid return on a great cash flowing asset with future upside remaining.”
Three blocks away, Itzhaki Acquisitions and Continental Ventures just bought five rental buildings for $50 million.