As Alcion Ventures winds down operations, it’s resigned to taking the occasional hit on the properties it’s promoting.
A three way partnership between Alcion and Slate Property Group offered the 133-unit rental constructing at 60 East twelfth Avenue close to Union Sq. for $82.5 million, the Business Observer reported. The deal works out to $620,000 per unit.
The customer was a unique three way partnership between Stonehenge Funding and Wraith Capital Group. They managed to take an almost 25 p.c low cost on the $107.5 million Alcion and Slate spent to purchase the property from Heller Realty in 2019.
Not one of the events concerned within the deal instantly responded to a request for remark from the publication. There have been additionally no brokers concerned within the deal.
The 13-story constructing comprises residences starting from studios to three-bedroom models. There’s additionally 5,100 sq. ft of retail house, which is occupied in full by a Metropolis parking storage.
Boston-based Alcion, which owned a 91 p.c stake within the property, has been liquidating its belongings because it winds down operations, opening the door to patrons keen to attain a deal.
Final 12 months, Friedkin Property Group paid $130 million for a 26-story, 304-unit condominium constructing in Chicago’s Gold Coast, buying it from Alcion and Golub & Co., which purchased it for $146 million in 2016 and poured one other $30 million into renovations.
In the meantime, Slate and nonprofit accomplice Breaking Floor ended final 12 months by buying the Stewart Resort at 371 Seventh Avenue for $255 million for a hotel-to-residential conversion.
The property can be transformed into 579 reasonably priced housing models, together with residences for previously homeless people, with the full redevelopment value reaching roughly $500 million. The conversion is predicted to take two years and is partially funded by $87 million in state financing from the Resort and Business Conversions Program.
Elsewhere in Union Sq., controversial landlord Aron Stark’s cousin (who has the identical identify) is pursuing a 12-story, 29-unit residential growth at 100 East sixteenth Avenue.
Learn extra
Golub, Alcion take loss in $130M sale of Gold Coast apartments
Slate seals deal on Stewart Hotel acquisition for $255M
Aron Stark — not that one — has a new Union Square project
