Investor Behrooz Hedvat Buys 80 White Street for $21M
By Mark Hallum August 28, 2024 3:00 pm
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Behrooz Hedvat’s White Street Partners has purchased the Tribeca loft building at 80 White Street for $21 million, according to property records.
General Hardware Manufacturing, also known as General Tools, sold the landmarked six-story property to Hedvat, after taking possession of the site in 1992, property records show. Whether the company will continue to occupy the fifth floor is unclear.
General Tools remained under the ownership of its founders, the late Abe and Lillian Rosenberg, until it was sold to High Road Capital Partners in 2014. It’s been under the Worthington Industries portfolio since 2021.
Hedvat, president of Reflex Performance Resources, which shares the same address as White Street Partners, did not respond to a request for comment, nor did High Road Capital Partners.
Argentic Real Estate Investment provided the buyer with a $13 million loan for the purchase on Aug. 16, the same day the sale was finalized, according to property records. Argentic did not immediately respond to a request for comment.
Built in 1867, the building was originally a warehouse for a carpet dealer and is protected by the New York City Landmarks Preservation Commission within the Tribeca East Historic District. The commission reviewed plans in 2016 to convert the building into offices, retail and one apartment, but it’s unclear if such work actually took place.
In June, Hedvat also purchased 16 West 39th Street in Midtown, next to Amazon’s Manhattan headquarters, for $18 million, the first time the 12-story building had been sold since the Weatherly family originally acquired it in 1916, as CO previously reported.
Mark Hallum can be reached at mhallum@commercialobserver.com.
