M&T Bank provided the acquisition financing for the deal
Dalan Management and Elion Partners have acquired 102-116 Eighth Avenue from the Brodsky Organization for $83 million. The Chelsea portfolio consists of 102 apartments (mix of free-market and regulated), plus 10 ground-floor retail units. M&T Bank provided financing for the deal.
Heard on the Street: Dalan Management’s Danny Wrublin said in a press release: “The ability to acquire an entire blockfront directly across the street from Google is something that doesn’t come up every day.”
Chelsea is piping hot… Google acquired the Chelsea Market building at 75 Ninth Avenue earlier this year for $2.4 billion. L&L and Normandy are also buying Terminal Stores at 271 Eleventh Avenue for around $900 million.