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A Manhattan-based investment group has taken over the Echelon Chelsea — a luxury residential building in the Flatiron District — for more than $50 million, according to a document that recently appeared in the city register.
Island Capital, which has its headquarters on Fifth Avenue in Midtown, bought the ground lease of the building at 37 W. 21st St. for $51.8 million from longtime New Jersey-based owners Canoe Brook Development, records show. The landowners are the Stempel family from Massachusetts. Ivan Hakimian, president of his own firm HPNY, was involved in the deal but declined to comment on the transaction.
The 15-story, 150,000-square-foot property boasts 109 apartments and two now-vacant retail storefronts on the ground floor— previously occupied by the popular spin studio Flywheel and hair salon Dreamdry — as well as a sundeck, a lounge with a billiards table, a massage room and a fitness center.
Apartments at the Echelon, which sits within the boundaries of the Ladies’ Mile Historic District between Fifth and Sixth avenues, rent for up to $4,995 for a studio, $6,869 for a one-bedroom and $9,221 for a two-bedroom, according to StreetEasy, although none are currently available.
Island Capital secured a $39.5 million loan from Emigrant Bank to finance the deal, which was signed by Island Capital senior managing director Katherine Furman, records show. And Canoe Brook Properties co-founder Marshall Tycher signed on its behalf.
Representatives for Island Capital and Canoe Brook Properties did not respond to requests for comment by press time.
Julianne Cuba , 2024-06-19 18:25:33
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