Alternative opportunity
investment and development.
investment and development.
Scott Rechler’s RXR Realty this past Friday completed the purchase of the 2.3 million-square-foot office property in Chelsea, the Starrett-Lehigh Building at 601 West 26th Street, from investors that included Glory Capital, Mark Karasick, and Shorenstein Properties among others.
The property was purchased in 1998 for a reported $185 million, and sold for $920 million or close to $400 per square foot. The 19-story building, built in 1932, was reported to be in contract in April after being brought to market by Eastdil Secured’s Doug Harmon and Adam Spies. Tenants in the building include Martha Stuart-Omnimedia and clothing retailer Tommy Hilfiger. The Starrett-Lehigh Building occupies the entire block from 26th to 27th streets and from 11th to 12th avenues.
Published on Tuesday, August 2nd, 2011.