Atlas Capital Group snapped up a Hell’s Kitchen rental constructing from Brodsky Group in an off-market deal.
Atlas paid about $142.5 million for the 256-unit property at 360 West forty third Avenue, based on a supply with information of the deal. Brodsky assembled a number of properties and developed the 250,000-square-foot, 23-story constructing in 2002.
The constructing has 13,000 sq. ft of ground-floor business area occupied by Mattress Agency and TD Financial institution. The luxurious improvement between Eighth and Ninth Avenue has a fitness center, parking storage and roof deck. There aren’t any accessible flats, based on StreetEasy.
The acquisition provides to Atlas’ New York Metropolis footprint, the agency mentioned in a press launch. The funding and improvement agency, based in 2006 by Jeffrey Goldberger and Andrew Cohen, snapped up an East Village rental constructing at 250 East Houston Street in January for $112 million.
The agency additionally made popular fairness investments within the buy and pre-development of 175 Third Avenue and 205 Montague Avenue in Brooklyn and is co-developing the high-profile 80 Clarkson Street, a senior reasonably priced housing complicated at 570 Washington Avenue in Manhattan and an Higher West Facet residential tower at 200 West 97th Avenue.
Atlas’ portfolio additionally consists of 15 Park Row in Downtown Manhattan, 80 DeKalb in Downtown Brooklyn and The Denizen in Bushwick.
Brodsky has been a significant participant in New York’s rental marketplace for many years, creating greater than 10,000 flats throughout 85 buildings. The agency is changing the enduring Flatiron Constructing into residential condos with Jeff Gural’s GFP Actual Property.
A few decade in the past, the household firm crossed the East River and started creating in Brooklyn, the place it constructed a pair of condo buildings on the Pacific Park megaproject and accomplished a 350-unit rental constructing at 499 President Avenue in Gowanus with Avery Corridor Investments.
Ivan Hakimian of HPNY was concerned within the transaction.
Brodsky didn’t instantly reply to a request for remark.
Correction: An earlier model of this story misstated the sale value. It has since been up to date to $142.5 million.
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