Stellar Management Sells Soho Building for $33.5M, Tripling Its Investment
Larry Gluck’s Stellar Management has sold 123 Lafayette Street for more than three times the price it paid for the property about three years ago, according to Cushman & Wakefield, which handled the deal for the seller and the buyer.
The Manhattan-based landlord sold the six-story office and retail building for $33.5 million, but picked up the property between Howard and Canal Streets in 2013 for nearly $10.9 million. Stellar Management declined to comment on the transaction via a spokeswoman.
A C&W spokeswoman declined to reveal the identity of the purchaser, but a source with knowledge of the deal told Commercial Observer that it is real estate investment firm First Atlantic Capital.
“This outstanding core asset offers an investor a fully stabilized income producing property with minimal leasing risk and strong cash flow for years to come,” C&W’s Robert Knakal, who negotiated the deal with colleagues Robert Burton and Jonathan Hageman, said in prepared remarks.
A representative for First Atlantic Capital did not immediately return requests for comment.
The six-story, 21,916-square-foot building is 100 percent occupied and has a Dunkin’ Donuts and tattoo shop Love Hate Social Club on the ground floor. Marketing firm Mission Media and Into the Gloss, a website about beauty, featuring stories about stylists, models, makeup, skincare and hair care, are among tenants on the upper floors.