Benchmark Sells Flatiron District Residential Building for $13.4M
Less than three years after buying a 27-unit residential building in the Flatiron District, Benchmark Real Estate Group has sold it for roughly double what it picked it up for, property records indicate.
Long Island-based Gould Investors purchased the seven-story elevator building at 28 West 26th Street for $13.4 million from Benchmark. The deal closed on Jan. 8 and was recorded with the city on Jan. 21. Benchmark bought the building for $6.3 million in April 2012.
Benchmark was “just taking advantage of the uptick in pricing,” a source with knowledge of the deal said, and Gould wanted the building for the cash flow.
The 14,000-square-foot edifice between Broadway and Avenue of the Americas has 14,000 square feet of air rights, the source said. It contains all one-bedroom apartments, of which 20 percent are rent-stabilized. The average rent for a 400-square-foot market-rate unit is $2,667 per month.
Eleas Mathios of Arch Equities brokered the deal for both sides.
Benchmark’s Jordan Vogel declined to comment and Gould’s William O’Hagan didn’t immediately respond to a request for coment.