Real estate investment firms Elion Partners (“Elion”) and Dalan Management Associates (“Dalan”) today announced the completion of a joint venture transaction, whereby both entities acquired two adjacent buildings comprised of 68 multifamily units with ground floor retail. 2568 Broadway and 226 West 97th Street (“units,” or “Broadway units”), located on Manhattan’s Upper West Side, were sold by AAG Management to Elion and Dalan for approximately $66 million.
The Broadway units are located just one block from the West 96th St. subway station and walking distance to top-rated dining and retail shops, as well as historic cultural landmarks, Central Park and the Museum of Natural History. Both buildings are eight stories with elevators, with one containing ground floor retail tenants, Bank of America, Dunkin Donuts, and Paris Baguette.
In this next phase of growth, Elion and Dalan plan to co-manage the asset. The long-term goal will be a renovation of the multifamily units, adding bedrooms and splitting apartments where possible for more functional living space.
“The competitive advantage of these units is the prime Upper West side location across the street from one of the two major subway stops in this neighborhood. The proximity to all that the Upper West Side has to offer and the ease of commute throughout Manhattan and the boroughs makes this a truly unique asset,” said Daniel Wrublin of Dalan Management. “With careful hands on management, and its prime location, these units will serve as great residences and attractive retail hubs for consumers for years to come.”
“This partnership aligns with Elion’s overall investment strategy, which focuses on acquiring high quality assets at or below replacement costs, in irreplaceable locations, with the use of moderate to low leverage,” said Juan DeAngulo, Managing Partner at Elion. “We are thrilled to announce this partnership with Dalan, which marks our first entrance to the New York City market. We see great potential both with these assets and in the Greater New York region and look forward to further penetration in this market.”