Real estate investment firm Elion Partners (“Elion”) announced the second consecutive transaction in the Manhattan multifamily market this month. The joint venture with Dalan Management Associates (“Dalan”) acquired eight adjacent buildings in New York City for approximately $83 million. The assets are comprised of 102 multifamily units and 10 ground floor retail units with 115,046 in total square footage. 110 8th Avenue, known as the 8th Avenue Chelsea Collection (“The Chelsea Collection”), is a full-block property located in Manhattan’s desirable Chelsea neighborhood, directly across from Google’s New York Headquarters.
This announcement marks Elion and Dalan’s second deal within a quarter. In June, the partnership completed a $66 million acquisition of a similar mixed-use multifamily-retail property. The assets are located on the Upper West Side at 568 Broadway and 226 West 97th Street. The Broadway property is located near the 96th Street Subway, top-rated dining and retail shops, as well as historic cultural landmarks, Central Park and the Museum of Natural History.
Elion and Dalan have replicated this strategy of investing in off-market mixed-use assets in highly desirable Manhattan neighborhoods with The Chelsea Collection. The newly acquired assets are located two blocks from the 14thSt. Subway, and walking distance from Chelsea Market, The High Line, The Whitney Museum, Pier 55 and top-rated night life and dining venues.
“This is a unique collection of buildings that we were fortunate enough to have had the opportunity to acquire off-market. The ability to acquire an entire blockfront directly across the street from Google is something that doesn’t come up every day. We look forward to being involved in the continued success and growth of this corridor of Manhattan,” said Daniel Wrublin, principal of Dalan Management.
“What distinguishes this deal from others is its unique placement in the heart of New York’s ‘Silicon Alley,’ a burgeoning hub of the tech industry,” said Shlomo Khoudari, Managing Partner at Elion Partners. “Typically, mixed-use real estate is well-positioned for success when it is in close proximity to large employers.”