California’s Carmel Pays $95 M. for FiDi Residential


California investment group Carmel Partners has purchased 15 Cliff Street in the Financial District for $95 million.

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Public records show that Lalezarian Properties was the seller of the 158,477-square-foot rental building between John and Fulton streets, as first reported in The Real Deal.

cliff sun
(Image: Urban Edge)

Carmel Partners’ bread and butter involves repositioning underperforming multi-family assets in supply-constrained markets. The firm owns two other rental buildings in Manhattan: The Renoir House, a 151-unit property at 225 East 63rd Street, and the Electra, a 168-unit building at 354 East 91st Street.

Lake Success, New York-based Lalezarian bought the property from Rockrose Development for $83 million in 2007, converting it from a New York University dorm into a 157-unit market-rate rental building with asking rents ranging from $2,300 for a studio to $5,800 for a two-bedroom apartment, TRD noted.

The building features a 24-hour concierge, a fitness center, an on-site cafe and a rooftop garden, with four units with average pricing of $2,847 per month currently available for rent.