Dalan Management paid $36 million for two Midtown South office properties, as part of a 1031 exchange, with a $25 million mortgage from Bank of the Ozarks, according to HKS Capital Partners, which brokered the loan.
The four-year loan has a rate of 375 over Libor with a floor of 4 percent, according to a representative for the broker. HKS principals Jerry Swartz and Ayush Kapahi worked on the deal.
Dalan Management has paid $36 million for two Midtown South office properties comprised of 22 full-floor office lofts and ground-floor retail space as part of a 1031 exchange, Commercial Observer has learned.
The company bought the 12-story buildings at 10 East 33rd Street and 12 East 33rd Street between Madison and Fifth Avenues from Adee Associates, said Daniel Wrublin, a co-founder and principal at Dalan Management, after selling three Washington Heights buildings in November for $16 million. The East 33rd Street buildings comprise 61,100 square feet and could be converted into residences or a hotel.
Dalan Management has purchased several retail condominium units in the Flatiron District, which were developed and formerly owned by Extell Development, for $9.8 million, Commercial Observer has learned.
The 9,000-square-foot, off-market deal included two ground-floor units at Altair 18 at 32 West 18th Street and one ground-floor unit at Altair 20 at 15 West 20th Street, plus a 1,000- to 1,500-square-foot vacant basement space in the 18th Street building, said Dalan Principal Daniel Wrublin. The deal closed less than two weeks ago. Mr. Wrublin said the seller is an Israeli entity.
James Nelson recently ushered a dozen Colgate University undergraduate students on a tour through The Abingdon, a West Village nursing home-turned-luxury condo where some units, which sold out this month, ran for more than $10 million.
With the help of his team, Mr. Nelson, a partner at Massey Knakal, sold the property at 607 Hudson Street for just over $33 million to Flank Architects in 2011 on behalf of nonprofit group VillageCare, which previously ran a nursing home there.
Much like the undergrads, the investment sales heavyweight traveled The Abingdon’s hallways with looks of awe, as Jon Kully, a principal at Flank, led the group into its sprawling condos. The building bore no resemblance to the nursing home Mr. Nelson had first stepped foot into in 2007. “They had 200 beds packed in there, and it wasn’t up to code, and it was in desperate need of renovation,” he said. “This was a complete transformation. It really was amazing what they did, and to know that I had a small part in making that happen was great.”