Larry Gluck’s Stellar Management tripled its money at 123 Lafayette Street after just three years, selling the Soho office-and-retail building for $33.5 million.
Stellar bought the six-story, 16,000-square-foot property in 2013, paying $10.9 million.
The buyer this time around was real estate investment firm First Atlantic Capital, the New York Observer reported, citing a source with knowledge of the deal.
The building is fully occupied. Dunkin Donuts and the Love Hate Social Club tattoo parlor occupy its ground floor retail spaces, which total 3,000 square feet. Office tenants there include beauty website Into the Gloss and marketers Mission Media.
In September, Gluck’s firm went into contract to pay $150 million for the Paris New York – a former hotel, now a rental building – at 752 West End Avenue at 97th Street on the Upper West Side. [NYO] – Ariel Stulberg
Source: The Real Deal