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Acquisitions

AEW sells 520 West 43rd Street

Property also known as the Helux

Helux at 520 West 43rd Street (Credit: StreetEasy)

The Dermot Company’s Steve Benjamin, USAA, and PGGM have entered into contract to acquire 520 West 43rd Street from AEW for $193 million, according to NYPost. The Hell’s Kitchen rental tower spans 319,967 SF and contains 375 units. 

Why it matters: With the tax abatement expiring in under two months, the new owners will need to decide if they want to apply for the new 421a tax break. It would provide a partial tax abatement for 15 years, but would require the buyers to increase the rate of affordable units from 20 to 25 percent.

Flashback: AEW purchased the property in 2013 for $170 million.

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