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Joseph Tabak’s Princeton Holdings and Eli Tabak’s Bluestone Group acquired a mixed use property at 165 William Street in Manhattan’s Financial District for $21.5 million from Shlomo and Moris Bakhash’s Kash Group, The Real Deal has reported.
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The two firms, whose principals are brothers, are planning on making alterations to the property and selling off its units as condominiums.
The Bakhash brothers acquired the building for only $6.1 million in 2010. That’s a 350% profit in only 4 years.
Constructed in 1908, the ten story building is 118 feet high, holds 31, 076 square feet of space and has both a retail space – currently occupied by a pharmacy — and 12 rental apartment units. The apartments there average 2, 600 square feet in space.
Zillow currently lists two 5 bedroom, 2, 900 square foot units there for $8, 000 a month. A 3, 000 square foot penthouse there is going for $10, 000 a month.
Princeton Holdings, LLC (“Princeton”) is a Manhattan-based real estate investment and finance company founded by industry veteran Joseph Tabak. The company says that it offers both its clients and partners a wide variety of investing and lending options, including (i) equity, (ii) preferred equity, (iii) mezzanine debt, and (iv) senior debt.
The Bluestone Group is a private investment firm which says that it specializes in taking advantage of value-add scenarios such as under-managed properties, developing markets and distressed assets.
Bluestone invests in opportunistic situations, distressed properties, sub-performing debt and equity, and non-performing commercial mortgage loans (“NPLs”).
