SoHo Properties Buys Chelsea Building for $45.7 M.

31w27thstreet SoHo Properties Buys Chelsea Building for $45.7 M.SoHo Properties has invested in Chelsea.

Sharif El-Gamal, chairman and CEO of the real estate investment group, has dropped $45.7 million on the property at 31 West 27th Street, which PropertyShark describes as a 12-story, 108,594-square-foot office building.

“We just bought it for the income,” Mr. El-Gamal told The Observer. “It’s got great long-term leases, and the financing was really attractive. We have five years at a very attractive interest rate, and it’s probably the best B building in this submarket.”

Steve Witkoff, CEO of the Witkoff Group, bought the building in 2006 for $31.5 million. He could not immediately be reached for comment. 

Mr. Witkoff is also reportedly in discussions to sell a 51 percent stake in the Woolworth Building to the Italian Sorgente Group, which is apparently on something of a buying spree, having recently increased its majority stake in the Flatiron Building.

Article continues below
More from Politics
Mayor Bill de Blasio huddles with his former counsel Maya Wiley.
De Blasio Says ‘Going Forward’ He Won’t Hide Conversations With Private Consultants