Stone Street buys Hell’s Kitchen rental for $24M

Jeffrey Kaye’s Stone Street Properties closed this week on the purchase of a 47-unit Hell’s Kitc

440 West 47th Street in Hell’s Kitchen (inset, from left: Jeffrey Kaye and Karl Slovin)

Jeffrey Kaye’s Stone Street Properties closed this week on the purchase of a 47-unit Hell’s Kitchen rental building from Los Angeles-based MWest Holdings for $23.5 million.

The five-story elevator building, located at 440 West 47th Street between Ninth and Tenth avenues, spans more than 37,000 square feet and includes a 3,700-square-foot, basement level commercial unit. Roughly three-quarters of the building’s 46 apartments are market-rate, according to sources with knowledge of the transaction, while the rest are rent-stabilized.

The property was built in 1940 and underwent a full renovation in 1984, per MWest Holdings’ website. Kips Bay-based Marin Management ran the building through a third-party property management agreement with MWest, sources said.

A Cushman & Wakefield team led by Bob Knakal and Christoffer Brodhead brokered the transaction, which caps around $225 million worth of investments for Kaye’s firm over the last nine months.

In September, Stone Street paid $123 million for two Gramercy Park rental buildings and bought a Union Square rental property for $21.5 million, as The Real Deal reported.

MWest, led by Karl Slovin, is a real estate investment and property management firm with more than 2 million square feet of residential and commercial holdings nationally.

The L.A. firm’s New York properties include a 36-unit, 20,000-square-foot apartment building at 426-428 West 48th Street, also in Hell’s Kitchen, and a 27,000-square-foot mixed-use apartment building at 221 Second Avenue in the East Village.

Stone Street and Cushman & Wakefield declined to comment on the deal. MWest and Marin did not return requests for comment.

Source: The Real Deal