German Firm Tatar Picks Up First NYC Buildings in LES for $30M
By Mark Hallum May 8, 2023 3:49 pm
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Germany-based investment firm Tatar Holding is planting its flag on the Lower East Side with the $30 million acquisition of 163, 165 and 167 Ludlow Street.
The buildings have a total of 66 apartments and will be the first New York purchase for Tatar, which owns dozens of multifamily properties in Germany, said Elad Dror, president of PD Properties, who advised Tatar in the deal. The buildings have been owned since 2021 by Ben Shaoul’s Magnum Real Estate Group, which picked it up for $16.5 million, according to property records.
“They’re aggressively looking to expand their holdings in the NYC market in the next 12 to 24 months,” Dror told Commercial Observer.
Tatar assumed the outstanding debt — a $23.5 million CMBS loan from Key Bank that matures in eight years — of the previous owner as part of the deal as well, according to Dror.
Magnum and Tatar did not immediately respond to requests for comment.
Cushman & Wakefield‘s Eric Roth, Michael Decheser, Bryan Hurley, Tyler Signora and Harry James represented Magnum in the deal, but declined to comment.
Shaoul has made a name for himself in New York City real estate, having in the past accepted bitcoin as currency for sales.
In September 2021, Shaoul sold 385 First Avenue for $29 million using cryptocurrency, and in 2019 sold 389 East 89th Street for $15.3 million in bitcoin, CO previously reported.
Shaoul did not accept bitcoin for 163 Ludlow.
Mark Hallum can be reached at mhallum@commercialobserver.com.
