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L+M’s Sandy Loewentheil buys 78 Irving pad for $6.4M
Silverstone Property is the developer behind the 7-story conversion
L+M Development Partners’ principal Sanford Loewentheil dished out $6.39 million for an apartment at Madison Realty Capital’s Gramercy condo conversion at 78 Irving Place, property records show.
The unit has three bedrooms and spans 2,210 square feet. Douglas Elliman’s [TRDataCustom] Holly Parker is the building’s listing agent.
Loewentheil is one of the two founding partners of L+M, along with Ron Moelis. The firm specializes in affordable housing development, and last week announced plans to build two rental towers spanning almost 1 million square feet at 260 South Street in the Lower East Side.
This summer, Moelis bought a penthouse at the Tribeca condo 15 Leonard Street, where he is also one of the investors in the developing partnership, and immediately listed it for re-sale. Sources told The Real Deal that Moelis rented the unit to Kylie Jenner, who created a stir when she became trapped in the elevator and documented the ordeal on Snapchat.
Madison Realty’s development subsidiary Silverstone Property bought the seven-story former rental building 78 Irving Place for $18 million in 2013 and subsequently converted it to condos.