Property also known as the Helux
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.