Rubie Schron’s Cammeby’s Unloads Hell’s Kitchen Mixed-Use Building for $37M
By Rebecca Baird-Remba August 24, 2023 5:34 pm
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Rubin “Rubie” Schron’s Cammeby’s International and investor Sol Kurtz have sold off a 15-story mixed-use building in Hell’s Kitchen for $36.5 million, Commercial Observer has learned.
Duc Huang, a private investor with a family office, was the buyer of the 85,300-square-foot property at 159-161 West 54th Street, at the corner of Seventh Avenue, according to Rosewood Realty Group, which brokered the sale. A Cammeby’s spokesperson didn’t immediately return a request for comment, and Huang could not be reached.
The building has 42 apartments — of which 70 percent are market-rate — along with five retail storefronts, 11 office spaces and 27,800 square feet of unused air rights. Cammeby’s picked up the property in 1985, according to property records, although no sales price was listed.
Seventy percent of the building is currently vacant, and the sales price works out to about $428 per square foot, the brokers said.
Rosewood’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both the buyer and the seller in the deal.
Khakshoor said in a statement that the building “traded in the most tenuous real estate environment in the past 30 years. The fact that we were able to achieve a sub 4 percent cap rate goes to show that there will always be a strong demand for prime Manhattan elevator buildings.”
Across the East River in Brooklyn, Cammeby’s is slowly developing a sprawling project in Coney Island called Neptune/Sixth. Cammeby’s and co-developer Rybak Group landed $252 million in construction financing last month for the residential portion of the project, a three-tower, 500-unit complex with retail and community facility space at 532 Neptune Avenue.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
Update: This post has been updated to reflect the fact that Sol Kurtz co-owned the property with Rubie Schron.
