Dalan pays $50M for leasehold on Turtle Bay rental
Rockpoint, 60 Guilders sell 180-unit property for nearly double what they paid in 2013
Dalan Management acquired the leasehold on a 180-unit Turtle Bay rental building from Rockpoint Group and 60 Guilders for $50 million, sources told The Real Deal.
The ground lease on the Envoy, located at 300 East 46th Street near Second Avenue, is set to expire in 30 years. The 19-story, 190,000-square-foot property has 110 market-rate and 70 rent-stabilized apartments. Market-rate rents range from $2,050 to $5,400 per month, according to StreetEasy.
Rockpoint [TRDataCustom], a Boston-based private equity fund, and 60 Guilders, a Midtown-based investment firm led by two Savanna alumni, purchased the leasehold in 2013 for $27 million. They began shopping it in June, and sources estimated it would fetch $40 million.
Hodges Ward Elliott’s Daniel Parker, Will Silverman and Paul Gillen brokered the deal.
“Despite some of the noise in the marketplace, value-add multifamily remains duly sought after,” Silverman said.
The building, developed in 1960 by the William Kaufman Organization, also has the address of 852-860 Second Avenue. There is a parking garage and a Duane Reade on the ground floor.
Dalan, led by Danny Wrublin and his father Andy, owns about 50 buildings in the city, with roughly 2,000 rental apartments and 100 commercial units. Dalan recently moved to increase its office holdings, and launched a lending platform called SKW Funding earlier this year.