By Al Barbarino
Atlas Capital Group, a real estate investment and management firm, has purchased a redeveloped 166,000 s/f, 13-story Chelsea office building at 218 West 18th Street for $62.5 million, city records show.
Located on the south side of 18th Street, between Seventh and Eighth Avenues, the building is at the center of the city’s bustling tech scene, within a few blocks of Google’s gargantuan offices at 111 Eighth Avenue.
Berkadia Commercial Mortgage provided a $45.5 million mortgage, city records show.
Developer Harry Jeremias purchased 218 West 18th from Williams Real Estate Co. in April 2007 for $50 million. Jeremias defaulted on a loan on the building last year and subsequently filed for Chapter 11 bankruptcy.
Crain’s previously reported that Atlas has tapped a CBRE team led by Stephen Siegel and Peter Turchin to lease up the building, which is 65% vacant.
Atlas’ portfolio consists of over $2 billion of developmental land, residential, commercial, and hotel real estate assets in New York City, Boston, Washington, D.C. and London, according to the company’s website.
