Originally Published in The Real Deal
Written by Tess Hoffmann
SPI Holdings, a San Francisco-based investment firm, is breaking into Hell’s Kitchen with the $21 million purchase of a five-story apartment building, The Real Deal has learned.
The property, at 640-644 10th Avenue between West 45th and 46th streets, contains 24 rental apartments including one- and two-bedrooms, and has three vacant retail units at the base.
Midtown-based investors Michael Wahba and Salomon Smeke of Salt Equities owned the property for about four years, having paid $3.2 million in 2011.
The property spans more than 19,000 square feet, working out to a purchase price of $1,084 per square foot.
David Schechtman and Abie Kassin, who left Eastern Consolidated in April to join Meridian Capital Group’s new investment sales arm, represented both sides in the deal. Eastern’s Adelaide Polsinelli and Jeffrey Rosenfeld also worked on the deal.
“The retail and residential components of this turnkey property were both undervalued relative to a quickly rising Hell’s Kitchen submarket,” Kassin said.
Late last year, SPI bought a Lower East Side rental building, as TRD reported.
Representatives from Dennis Wong’s SPI Holdings did not immediately respond to a request for comment.
Mark Maurer contributed reporting.
Donovan LLP represented SPI Holdings in connection with this transaction.