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Akelius strikes $100M deal in Chelsea

Swedish investor has been primarily focused on BK rentals

From left: <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/225-West-23-Street-New-York-NY-10011/1007730027-0" target="_blank" data-address="225%20West%2023%20Street%2C%20New%20York" data-label="225%20West%2023rd%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F225-West-23-Street-New-York-NY-10011%2F1007730027-0" data-bbl="1007730027" data-blockValue="00773" data-lotValue="0027" data-zipcode="10011" data-bldgArea="66%2C524" data-bldgDepth="86" data-bldgFront="131" data-landUse="Mixed%20resi%20%26%20comm%20buildings" data-lotArea="12%2C961" data-lotFront="131.25" data-lotDepth="98.75" data-retailArea="6%2C000" data-resArea="60%2C524" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D7" data-primaryZoning="C2-7A" data-commercialOverlay="" data-far="7.52" data-buildable="97%2C466" data-airRights="30%2C976" data-propertyNeighborhood="Chelsea" data-latitude="40.7447439704699" data-longitude="-73.9964499338025" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F225-West-23-Street-New-York-NY-10011%5C%2F1007730027-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F225-West-23-Street-New-York-NY-10011%5C%2F1007730027-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener noreferrer">225 West 23rd Street</a>, <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/220-West-24-Street-New-York-NY-10011/1007730056-0" target="_blank" data-address="220%20West%2024%20Street%2C%20New%20York" data-label="220%20West%2024th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F220-West-24-Street-New-York-NY-10011%2F1007730056-0" data-bbl="1007730056" data-blockValue="00773" data-lotValue="0056" data-zipcode="10011" data-bldgArea="57%2C207" data-bldgDepth="86" data-bldgFront="131" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="12%2C961" data-lotFront="131.25" data-lotDepth="98.75" data-retailArea="0" data-resArea="57%2C207" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D1" data-primaryZoning="R8A" data-commercialOverlay="" data-far="6" data-buildable="77%2C766" data-airRights="20%2C607" data-propertyNeighborhood="Chelsea" data-latitude="40.7449894512982" data-longitude="-73.9962717845897" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F220-West-24-Street-New-York-NY-10011%5C%2F1007730056-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F220-West-24-Street-New-York-NY-10011%5C%2F1007730056-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener noreferrer">220 West 24th Street</a>, Kunal Chothani and Darcy Stacom

From left: 225 West 23rd Street, 220 West 24th Street, Kunal Chothani and Darcy Stacom

Akelius Real Estate Management is moving deeper into the Manhattan multifamily market with the $100 million purchase of two adjacent Chelsea rental buildings, the firm told The Real Deal.

The contiguous buildings at 225 West 23rd Street and 220 West 24th Street have a total of 245 apartments, a mix of free-market and rent-stabilized.

The firm, which is the U.S. arm of Swedish real estate giant Akelius, closed Thursday on the deal, paying $808 per square foot and $408,000 per unit.

The seller, Atlas Capital Group, made a quick and hefty profit on the properties. The investment firm bought them from Rao & Rao in 2015 for $72.9 million, and have now sold them for nearly $30 million more in just over two years.

“We will continue to cherry-pick acquisitions and seek out long-term holds,” said Kunal Chothani, who has been head of Akelius’ New York operation since it launched in 2015.

A CBRE team led by Darcy Stacom brokered the deal.

Akelius also closed Wednesday on the $61 million purchase of a Gramercy building.

The two deals bring Akelius’ total New York City holdings to 1,460 rental apartments, Chothani said. The firm started off targeting heavily rent-stabilized Brooklyn portfolios, but has increasingly added more market-rate units through Manhattan acquisitions such as the 199-unit Gramercy building it bought in 2015 for $167.5 million.

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Popular
New York

Akelius strikes $100M deal in Chelsea

Swedish investor has been primarily focused on BK rentals

From left: <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/225-West-23-Street-New-York-NY-10011/1007730027-0" target="_blank" data-address="225%20West%2023%20Street%2C%20New%20York" data-label="225%20West%2023rd%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F225-West-23-Street-New-York-NY-10011%2F1007730027-0" data-bbl="1007730027" data-blockValue="00773" data-lotValue="0027" data-zipcode="10011" data-bldgArea="66%2C524" data-bldgDepth="86" data-bldgFront="131" data-landUse="Mixed%20resi%20%26%20comm%20buildings" data-lotArea="12%2C961" data-lotFront="131.25" data-lotDepth="98.75" data-retailArea="6%2C000" data-resArea="60%2C524" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D7" data-primaryZoning="C2-7A" data-commercialOverlay="" data-far="7.52" data-buildable="97%2C466" data-airRights="30%2C976" data-propertyNeighborhood="Chelsea" data-latitude="40.7447439704699" data-longitude="-73.9964499338025" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F225-West-23-Street-New-York-NY-10011%5C%2F1007730027-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F225-West-23-Street-New-York-NY-10011%5C%2F1007730027-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener noreferrer">225 West 23rd Street</a>, <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/220-West-24-Street-New-York-NY-10011/1007730056-0" target="_blank" data-address="220%20West%2024%20Street%2C%20New%20York" data-label="220%20West%2024th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F220-West-24-Street-New-York-NY-10011%2F1007730056-0" data-bbl="1007730056" data-blockValue="00773" data-lotValue="0056" data-zipcode="10011" data-bldgArea="57%2C207" data-bldgDepth="86" data-bldgFront="131" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="12%2C961" data-lotFront="131.25" data-lotDepth="98.75" data-retailArea="0" data-resArea="57%2C207" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D1" data-primaryZoning="R8A" data-commercialOverlay="" data-far="6" data-buildable="77%2C766" data-airRights="20%2C607" data-propertyNeighborhood="Chelsea" data-latitude="40.7449894512982" data-longitude="-73.9962717845897" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F220-West-24-Street-New-York-NY-10011%5C%2F1007730056-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F220-West-24-Street-New-York-NY-10011%5C%2F1007730056-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener noreferrer">220 West 24th Street</a>, Kunal Chothani and Darcy Stacom

From left: 225 West 23rd Street, 220 West 24th Street, Kunal Chothani and Darcy Stacom

Akelius Real Estate Management is moving deeper into the Manhattan multifamily market with the $100 million purchase of two adjacent Chelsea rental buildings, the firm told The Real Deal.

The contiguous buildings at 225 West 23rd Street and 220 West 24th Street have a total of 245 apartments, a mix of free-market and rent-stabilized.

The firm, which is the U.S. arm of Swedish real estate giant Akelius, closed Thursday on the deal, paying $808 per square foot and $408,000 per unit.

The seller, Atlas Capital Group, made a quick and hefty profit on the properties. The investment firm bought them from Rao & Rao in 2015 for $72.9 million, and have now sold them for nearly $30 million more in just over two years.

“We will continue to cherry-pick acquisitions and seek out long-term holds,” said Kunal Chothani, who has been head of Akelius’ New York operation since it launched in 2015.

A CBRE team led by Darcy Stacom brokered the deal.

Akelius also closed Wednesday on the $61 million purchase of a Gramercy building.

The two deals bring Akelius’ total New York City holdings to 1,460 rental apartments, Chothani said. The firm started off targeting heavily rent-stabilized Brooklyn portfolios, but has increasingly added more market-rate units through Manhattan acquisitions such as the 199-unit Gramercy building it bought in 2015 for $167.5 million.

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