Hedge Fund Manager Pays $27M for Chelsea Building After Cashing Out of His Home
Al Barbarino Feb. 11, 2014, 11:15 a.m.
Hedge fund manager Mark Sonnino has reportedly purchased an office building at 555 West 25th Street in West Chelsea from Sharone Ben-Harosh of FlatRate Moving for $27 million just months after selling his home for $43 million.
The 40,856-square-foot building, between 10th and 11th Avenues, is occupied by creative tenants, including the Dillon Gallery, a showcase of works by international contemporary artists; and an American furniture showroom by design firm Khouri Guzman Bunce.
Rents in the building, built in 1891, are far below market rate, according to a statement from Massey Knakal, first reported on by The Real Deal.
“Rents throughout the property are roughly half of today’s market, so there is a tremendous amount of upside,”Massey Knakal’s Brock Emmetsberger, who represented Mr. Ben-Harosh with James Nelson, told TRD.
“The building benefited from high loft ceilings and windows on four sides on the above floors, which made it very desirable.”
City records confirm the $27 million purchase but do not show how much Mr. Ben-Harosh paid for the property in 1998.
Leonard Steinberg and Yoko Sanada of Douglas Elliman represented Mr. Sonnino, a former George Soros apprentice whose hedge fund, Satellite Capital, tanked amid the financial crisis. He sold his former home at 144 Duane Street about two months ago.