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JV Acquires Blockfront Portfolio Across from Google HQ
Real estate investment firms Dalan Management Associates and Elion Partners have paid $83 million for the 8th Avenue Chelsea Collection, eight adjacent multifamily buildings with the collective address of 110 Eighth Ave. The Chelsea Collection, representing the second consecutive transaction in Dalan and Elion’s joint venture, is directly across from Google’s New York headquarters.
“This is a unique collection of buildings that we were fortunate enough to have had the opportunity to acquire off-market,” said Dalan principal Daniel Wrublin. “The ability to acquire an entire blockfront directly across the street from Google is something that doesn’t come up every day.”
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 Elion managing partner Shlomo Khoudari. “Typically, mixed-use real estate is well-positioned for success when it is in close proximity to large employers.”
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- ◦Sale/Acquisition
