Atlas Capital Group snapped up a Hell’s Kitchen rental building from Brodsky Organization in an off-market deal.
Atlas paid about $150 million for the 256-unit property at 360 West 43rd Street, according to a source with knowledge of the deal. Brodsky assembled several properties and developed the 250,000-square-foot, 23-story building in 2002.
The building has 13,000 square feet of ground-floor commercial space occupied by Mattress Firm and TD Bank. The luxury development between Eighth and Ninth Avenue has a gym, parking garage and roof deck. There are no available apartments, according to StreetEasy.
The acquisition adds to Atlas’ New York City footprint, the firm said in a press release. The investment and development firm, founded in 2006 by Jeffrey Goldberger and Andrew Cohen, snapped up an East Village rental building at 250 East Houston Street in January for $112 million.
The firm also made preferred equity investments in the purchase and pre-development of 175 Third Street and 205 Montague Street in Brooklyn and is co-developing the high-profile 80 Clarkson Street, a senior affordable housing complex at 570 Washington Street in Manhattan and an Upper West Side residential tower at 200 West 97th Street.
Atlas’ portfolio also includes 15 Park Row in Downtown Manhattan, 80 DeKalb in Downtown Brooklyn and The Denizen in Bushwick.
Brodsky has been a major player in New York’s rental market for decades, developing more than 10,000 apartments across 85 buildings. The firm is converting the iconic Flatiron Building into residential condos with Jeff Gural’s GFP Real Estate.
About a decade ago, the family company crossed the East River and began developing in Brooklyn, where it built a pair of apartment buildings at the Pacific Park megaproject and completed a 350-unit rental building at 499 President Street in Gowanus with Avery Hall Investments.
Ivan Hakimian of HPNY was involved in the transaction.
Brodsky did not immediately respond to a request for comment.
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