LLC tied to former Soros protégé seeks 93% return on West Chelsea building

High Line Realty LLC paid $27M for 555 West 25th St. in 2014

An entity managed by hedge funder Mark Sonnino is shopping a West Chelsea office property for $52 million — four years after paying $27 million in an all-cash deal.

Located at 555 West 25th Street, the six-story loft building has just over 51,000 rentable square feet, according to listing agent Yoko Sanada of Douglas Elliman. At the current asking price, that works out to $1,013 per foot.

Property records show that High Line Realty LLC — an entity managed by Sonnino — bought the building in 2014 from Sharone Ben-Harosh of FlatRate Moving.
The deal closed a few months after another Sonnino affiliate sold 144 Duane Street for $43 million.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Sonnino, a former protégé of George Soros, co-founded Satellite Asset Management, which had approximately $7 billion under management in early 2008. The fund closed during the financial crisis. Sonnino declined to comment.

Sanada said the current owner spent a considerable amount of time and money updating the building over the past few years.

The property currently generates net operating income of $1.8 million, but many of the leases are under value, said Sanada, who represented the owner in the 2014 purchase along with Compass president Leonard Steinberg.

Tags

LLC tied to former Soros protégé seeks 93% return on West Chelsea building

High Line Realty LLC paid $27M for 555 West 25th St. in 2014

An entity managed by hedge funder Mark Sonnino is shopping a West Chelsea office property for $52 million — four years after paying $27 million in an all-cash deal.

Located at 555 West 25th Street, the six-story loft building has just over 51,000 rentable square feet, according to listing agent Yoko Sanada of Douglas Elliman. At the current asking price, that works out to $1,013 per foot.

Property records show that High Line Realty LLC — an entity managed by Sonnino — bought the building in 2014 from Sharone Ben-Harosh of FlatRate Moving.
The deal closed a few months after another Sonnino affiliate sold 144 Duane Street for $43 million.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Sonnino, a former protégé of George Soros, co-founded Satellite Asset Management, which had approximately $7 billion under management in early 2008. The fund closed during the financial crisis. Sonnino declined to comment.

Sanada said the current owner spent a considerable amount of time and money updating the building over the past few years.

The property currently generates net operating income of $1.8 million, but many of the leases are under value, said Sanada, who represented the owner in the 2014 purchase along with Compass president Leonard Steinberg.

Tags