The Kaufman Organization has sold 27 W. 24th St., for nearly $93 million, due to the nature of its capital partner, Lubert-Adler, broker Woody Heller, executive managing director and capital transactions group head at Savills Studley, tells GlobeSt.com. "It's an IRR-based fund, which means the return is very time-sensitive."
He continues, “Two times your money in two years versus 10 years is very different so with a partner like that, you’re going to be looking to exit [the asset] early, as long as the building is mature enough to realize its potential. I think this building is far enough along...”
Heller arranged the deal along with Savills’ Will Silverman, also an executive managing director of the capital transactions group. Attorney Thomas Kearns, partner, Olshan, Frome, Wolosky, was of counsel...IRR Drives a Flatiron Building Sale
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