Joshua Zamir, who a few years ago was seemingly scooping up every distressed hotel in sight, is now expanding his office portfolio.
Zamir’s Capstone Equities is in contract to buy the newly developed Chelsea office building 28&7 from Corem Property Group and GDS Development Management for roughly $83 million, The Real Deal has learned.
The 100,000-square-foot building at 205 West 28th Street opened in 2022 and is 100 percent leased.
Representatives for Capstone, Corem and GDS could not be immediately reached for comment. A Newmark team led by Adam Spies and Marcella Fasulo brokered the sale.
It’s the latest office deal for Zamir, who last year bought 360 Lexington Avenue in partnership with AmTrust for $65 million — about a third of what seller Savanna paid for the building in 2019.
Capstone in 2023 also took over the Whale Building in Sunset Park from Elie Schwartz’s Nightingale Properties via foreclosure after buying the property’s distressed debt. Those acquisitions followed a string of hotel deals Zamir inked in the years following the pandemic, when many hospitality properties were either shuttered or struggling to recover from the city’s shutdown.
Capstone acquired three hotels in 2022 and 2023 by purchasing the properties’ distressed debt.
The investment sales market for office buildings — once redlined by many investors — has picked up this year.
RXR is scheduled to close next month on its nearly $1.1 billion purchase of IBM’s former headquarters at 590 Madison Avenue, and Blackstone recently acquired a 46 percent interest in Fisher Brothers’ 1345 Sixth Avenue in a deal that valued the skyscraper at $1.4 billion.
Vornado Realty Trust and the Albanese Organization in May sold the Highline-adjacent 512 West 22nd Street in West Chelsea to a subsidiary of Argentinian developer Moisés Khafif’s Raghsa SA for $205 million.
And Tishman Speyer earlier this month bought the Soho office building at 148 Lafayette Street for $106 million.
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