By Konrad Putzier
Laurence Gluck’s Stellar Management has bought the commercial office building 123 Lafayette Street for $10.85 million.
The six-story elevator building is located between Howard and Canal Streets in Soho. With 60 feet of frontage and 20,000 s/f of office space, the majority of the building is occupied by small office tenants with Dunkin Donuts as one of the retail tenants.
Marcus & Millichap’s Barbara Dansker, along with colleague Zachary Ziskin, represented both buyer and seller, a “mom and pop outfit” who chose to remain anonymous.
According to Dansker, Gluck sees tremendous upside in the property. “Part of the building was empty at the time of purchase, and the rest had very short leases,” said the broker, noting that Gluck is currently renovating the building and may turn it into full-floor office spaces.
Solo dealmaker Ivan Hakimian, president of HPNY, was also involved in facilitating the sale, one of a slew he has quarter-backed in the neighborhood in recent years, including the sale of the land underneath the James Hotel, and assets along West Broadway, Spring, Wooster, Mercer and Greene Streets.
Since launching his firm, Hakimian has clocked up nearly $400 million in deals and recently announced plans to expand his acquisition arm as well as his brokerage side.
Hakimian said he is actively recruiting agents while the broker himself continues to pursue an aggressive growth strategy that includes the purchase of a development site at 350 East Houston Street as well a retail assets in the Soho and Noho. Although no plans have been announced, zoning for the Houston Street site would accommodate a 43,000 s/f residential development.
