NEW YORK--(BUSINESS WIRE)--Real estate investment firms Dalan Management Associates (“Dalan”) and Elion Partners (“Elion”) 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 Dalan and Elion 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, Dalan and Elion 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.”
About Dalan Management
Dalan Management is a real estate investment and management firm that owns, operates, and manages a portfolio of multifamily and commercial properties in New York, Phoenix, Washington DC and Los Angeles. The company currently owns and operates over fifty properties comprised of approximately 1,500 residential units and 100 commercial units across more than 1,500,000 square feet with a market capitalization over $1 billion.
About Elion Partners
Founded in 2010, Elion Partners is a real estate investment firm with an acquisition philosophy that is deeply rooted in fundamental experience in both the operational and financial facets of the real estate industry. As an integrated institutional investment platform, Elion Partners is a team of expert real estate investors and operators that manage more than $2 billion in real estate assets, providing value to the firm’s LPs through several closed-end funds and standalone permanent capital investment vehicles.