HKS Real Estate Advisors secured a $55 million loan from M&T Bank for Dalan Management and Elion Partners for the purchase a block of eight apartment buildings called the Chelsea Collection for $83 million from the Brodsky Organization.
In the second consecutive transaction in their joint venture, Dalan and Elion acquired 102 multifamily units and 10 ground floor retail units with 115,046 in total square footage.
“It’s been a busy summer and fall for Dalan and Elion, with their second purchase. Its location and sponsorship drove a competitive bidding process in which M&T stepped up, to win it,” said HKS Real Estate Advisor’s Ayush Kapahi, who negotiated the financing. “All around, a great deal for everyone to execute.”
Located at 110 8th Avenue, the full-block property is directly across from Google’s New York Headquarters. “This is a unique collection of buildings that we were fortunate enough to have had the opportunity to acquire off-market. The ability to acquire an entire blockfront directly across the street from Google is something that doesn’t come up every day. We look forward to being involved in the continued success and growth of this corridor of Manhattan,” said Daniel Wrublin, principal of Dalan Management.