Global Holdings Management Group has completed its $30 million purchase of 51 Irving Place, a six-story, 57-unit mixed-use apartment and retail property located in Manhattan’s Gramercy Park neighborhood.
The buyer acquired the property from Springhouse Partners, according to Yardi Matrix information. The sale was subject to a $23 million loan provided by Citibank, according to the same data.
Global Holdings, which is led by Monaco-based billionaire Eyal Ofer, is an alliance of real estate management and investment consulting companies with offices in New York, London and Monte Carlo.
A mixed-use investment
51 Irving Place was constructed in 1969, and was purchased by Springhouse in 2016 for $55 million. The property is sectioned into studio, one- and three-bedroom apartments averaging 789 square feet, with select units listed as affordable housing, according to Yardi Matrix data.
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The property, whose ground floor includes 8,000 square feet of retail space, is situated at the corner of 17th Street and Irving Place, one block from Union Square. Multiple subway lines are located nearby. Midtown Manhattan is less than one mile north of the property. Lower Manhattan begins three blocks south of the building and stretches down to the Financial District two miles away.
Investment momentum in the Big Apple
In contrast to the borough’s office sector, Manhattan’s multifamily market is seeing its highest transaction volumes in seven years, with $7.21 billon in trades occurring over 2022, according to a January 2023 report from Ariel Property Advisors. Though lower than the first quarter of 2022’s $1.7 billion in transactions, the first quarter of 2023 saw transaction totals of $1.2 billion across 46 unique assets, according to the firm’s data.
Location has been a prime factor for many recent investments within the borough. In the largest deal of the year, a joint venture between Slate Property Group and KABR Group purchased 600 Columbus Ave. a 166-unit mixed-use property located on the Upper West Side.
