Benchmark Buys 15-Story Upper West Side Building for $66M

Benchmark Real Estate Group has acquired 250 West 85th Street from Heller Realty for $66 million, Commercial Observer has learned.

The mixed-use Upper West Side building at the corner of West 85th Street and Broadway features 121 apartments as well as space for three retail establishments on the ground floor.

Alex Fuchs, Aaron Jungreis and Ben Khakshoor at Rosewood Realty Group brokered the deal for both parties. A Walker & Dunlop capital markets team led by Mo Beler, Jonathan Paine, Aaron Appel, Jonathan Schwartz and Jackson Irwin arranged for nearly $37.3 million in equity on Benchmark’s behalf to support the acquisition and planned renovations.

Public records indicate that the building has been owned by the Heller family at least as far back as 1966.

Built in 1922, the 111,811-square-foot building, which also uses 2333-2339 Broadway as its address, contains 3,500 square feet of space for street retail. Panera Bread and the Lebanese eatery Naya currently occupy space there.

Residential rental listings from the past year on StreetEasy show that studios in the building have rented for $2,950, one-bedrooms for $3,695 to $4,595, and two-bedrooms for $5,850 to $6,450. 

Benchmark Real Estate Group was founded in 2009, and has over 60 assets with a total value over $1.6 billion, according to the company’s website. 

The firm’s extensive portfolio of over 45 multifamily properties in New York City includes 120 MacDougal Street, 142 Sullivan Street, 818 Madison Avenue and 109 Saint Marks Place.  

Benchmark Real Estate Group did not immediately respond to a request for comment, and Heller Realty could not be reached for comment.

This article has been updated to include new information on the financing of the sale.

Larry Getlen can be reached at lgetlen@commercialobserver.com.