Torkian Group buys Midtown rental building from Douglaston for $72M
Luxury development the Cameo includes 102 rental units
Hersel Torkian’s the Torkian Group bought the Cameo, a luxury residential building in Midtown West, for $72 million from Jeffrey Levine’s Douglaston Development, according to records filed with the city today.
The seven-story building, located at 311 West 50th Street, includes 102 rental units across more than 79,000 square feet of residential space. The building also includes 2,000 square feet of office space.
In 2013, Douglaston settled with its lender U.S. Bank National after refinancing a troubled loan at the rental building, as The Real Deal previously reported. Levine Builders, an affiliate of Douglaston, acquired the building in 2000.
The Torkian Group has been active over the last year. In September, it filed plans to build a 202-unit, 35-story residential tower at the former site of An Icon Parking Garage On West 33rd Street. In October 2014, it bought a 14-story building at 110-112 Greenwich Street for $53 million.