Photo via StreetEasy

Heng Sang Realty buys Cassa Hotel commercial condo units for $80.5M

William Fung’s Hang Seng Realty has just acquired two commercial condo units at 515 9th Avenue for $80.5 million, according to documents filed with the city today.

The property, known as the Cassa Hotel and Residences, is a 12-story hotel and condo tower that sits between West 38th and West 39th Street. It contains six commercial condo units. The building is owned by a real estate investor group composed of the Chetrit Group’s Meyer Chetrit, Assa Properties’ Salim Assa and Read Property Group’s Robert Wolf.

According to a previous report from the Commercial Observer, Assa purchased the property in 2006. Chetrit and Wolf, meanwhile, acquired a stake in the building by making a $15 million investment in 2012.

The property was first launched in 2014, with rentals ranging from $3,200 to $10,150, according to a previous report from Curbed. The building, which was initially named Galerie 515, was designed by Goldstein, Hill & West.

Earlier this year, Chetrit filed plans to convert the property into condominiums. An offering plan filed by the firm called for 108 units for a total sellout of $117.5 million.

Hang Seng Realty is a real estate investment firm based in Midtown. Its New York City real estate holdings include 503 Broadway and 386 Park Avenue South.

 

 

 

 

Comments are closed

COPYRIGHT 2015 REAL ESTATE WEEKLY. ALL RIGHTS RESERVED.