Stellar Management Sells Soho Building for $33.5M, Tripling Its Investment
Liam La Guerre Jan. 19, 2016, 2:09 p.m.
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.