Dalan Management Associates and Elion Partners have acquired eight adjacent buildings in New York City for about $83 million. Included in the transaction is The Chelsea Collection, a full-block property located in Manhattan’s Chelsea neighborhood, directly across from Google’s New York Headquarters.
NEW YORK–(BUSINESS WIRE)–Real estate investment firms Dalan Management Associates (“Dalan”) and Elion Partners (“Elion”) today announced the second consecutive transaction in their joint venture. Both entities acquired eight adjacent buildings in New York City for approximately $83 million. The assets are comprised of 102 multifamily units and 10 ground floor retail units with 115,046 in total square footage. 110 8th Avenue, known as the 8th Avenue Chelsea Collection (“The Chelsea Collection”), is a full-block property located in Manhattan’s desirable Chelsea neighborhood, directly across from Google’s New York Headquarters.
This announcement marks Dalan and Elion’s second deal within a quarter. In June, the partnership completed a $66 million acquisition of a similar mixed-use multifamily-retail property. The assets are located on the Upper West Side at 568 Broadway and 226 West 97th Street. The Broadway property is located near the 96th Street Subway, top-rated dining and retail shops, as well as historic cultural landmarks, Central Park and the Museum of Natural History.
Dalan and Elion have replicated this strategy of investing in off-market mixed-use assets in highly desirable Manhattan neighborhoods with The Chelsea Collection. The newly acquired assets are located two blocks from the 14th St. Subway, and walking distance from Chelsea Market, The High Line, The Whitney Museum, Pier 55 and top-rated night life and dining venues.
“This is a unique collection of buildings that we were fortunate enough to have had the opportunity to acquire off-market. The ability to acquire an entire blockfront directly across the street from Google is something that doesn’t come up every day. We look forward to being involved in the continued success and growth of this corridor of Manhattan,” said Daniel Wrublin, principal of Dalan Management.
“What distinguishes this deal from others is its unique placement in the heart of New York’s ‘Silicon Alley,’ a burgeoning hub of the tech industry,” said Shlomo Khoudari, Managing Partner at Elion Partners. “Typically, mixed-use real estate is well-positioned for success when it is in close proximity to large employers.”
About Dalan Management
Dalan Management is a real estate investment and management firm that owns, operates, and manages a portfolio of multifamily and commercial properties in New York, Phoenix, Washington DC and Los Angeles. The company currently owns and operates over fifty properties comprised of approximately 2,000 residential units and 125 commercial units across 2,000,000 square feet with a market capitalization over $1 billion.
About Elion Partners
Elion Partners is a vertically integrated real estate investment firm with institutional-grade capabilities. Elion serves as both a fiduciary and an operator of real estate assets, managing over $2 billion through several closed-end funds and standalone permanent capital investment vehicles. We serve as stewards of our clients’ capital with a focus on preservation for the long-term. Elion’s principals invest significant capital in each fund to ensure the utmost alignment of interests with our LPs.