Walter & Samuels Chairman David I. Berley and some investors today purchased the Beaux-Arts Kips Bay home of Dover Street Market from Lexington Landmark Properties for $24.5 million, Commercial Observer has learned.
The seven-story, 22,000-square-foot building at 160-162 Lexington Avenue at East 30th Street has been solely occupied by Dover Street Market, a pricey multilevel fashion retail and concept store, since 2012 through a 15-year net lease, according to Cohen Real Estate‘s Rick Kaiser, who represented the buyer in the deal.
Lexington Landmark Properties purchased the building from Touro College in December 2006 for $8.2 million, property records indicate. The building sat vacant for a number of years after the college moved out and before Dover Street Market signed its lease.
“The tenant put in millions of dollars into this space,” said Helen Putterman of Cohen Real Estate, who represented the seller in the deal. “It’s as unique as anything you have ever seen.” Of particular note, she said, is its glass elevator.
Ms. Putterman said Lexington Landmark Properties was “reluctant to sell this property. It was a way off-market deal. We brought them the right buyers for the property. It was more us bringing him a buyer than him saying ‘sell our property.'”
Mr. Kaiser added that because the tenant is there for a long time, the “property doesn’t have much upside now.”
Walter & Samuels, which is a full-service real estate firm, will manage the building.
“This building is around the corner from 419 Park Avenue South, the 20-story terracotta building that has been the home of Walter & Samuels since 1978,” Mr. Berley said in prepared remarks. “I have passed 160 Lexington for many years and admired its beauty. I was very happy to have the opportunity to purchase it.”