UPDATED, 11:35 a.m., March 20: David Berley, chair of real estate firm Walter & Samuels, purchased the ornate Beaux Arts building at 160-162 Lexington for $24.5 million from Lexington Landmark Properties.

The seven-story, 22,000-square-foot (Note: Correction appended) structure is located around the corner from 419 Park Avenue South, the home office of Walter & Samuels.

“I have passed 160 Lexington for many years and admired its beauty. I was very happy to have the opportunity to purchase it,” Berley told the New York Observer.

However, the entire building is currently occupied by Dover Street Market, a high-end luxury fashion retail and concept store, which started on a 15-year lease in 2012.

Lexington Landmark purchased the building from Touro College in 2006 for $8.2 million, and was reluctant to sell, according to Cohen Real Estate’s Helen Putterman, who represented Lexington. Cohen’s Rick Kaiser represented Walter & Samuels. [NYO] — Tess Hofmann

Correction: An earlier version of this story misrepresented the size of the property due to an error in the source story. It is 22,000 square feet, not 250,000 square feet.