MCRE Scoops Up 155 West 23rd for $39.5 Million

MC Real Estate Partners has picked up the 82,500-square-foot building at 155 West 23^rd Street in Manhattan for $39.5 million. The 12-story building was previously owned by the Kaufman Organization and Goldman Sachs Asset Management and remains under a 99-year ground lease agreement from Edison Properties, according to Yardi Matrix. Kaufman will continue to manage the property. Leasing will be handled in-house by MCRE.

Kaufman and GSAM purchased the property back in 2015 for just over $45 million from Extell Development. Kaufman performed substantial upgrades to the historic, 1910 property, including a new lobby and entrance, restoration of the façade, and the addition of class A creative office space.

MC Real Estate Partners was launched earlier this year by Steve Grant and Andy Nathan. Grant is also the managing principal at ClearRock Properties, and formerly managing director at Tishman Speyer. Nathan is the founder and CEO of Meritage Properties, a boutique owner/operator of properties in the New York City, Boston, D.C. and Charlotte markets. Combined, they have completed transactions totaling more than $3 billion and 6 million square feet.

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Since opening shop, MCRE has been busy in the acquisitions market. In addition to NYC, they also picked up Executive Plaza North & South in Rockville, MD–near Washington, D.C. just this month. The property consists of a pair of buildings totaling 328,000 square feet of class B office space. The price for the two properties was undisclosed.

Property images courtesy of Yardi Matrix.