Apollo Real Estate Advisors has sold 148 Lafayette Street, a 129,000-square-foot light manufacturing/office building in the SoHo district of Manhattan.
The deal was valued at $59 million.
Located on the corner of Lafayette and Howard streets, the 12-story brick building is situated among the SoHo, Little Italy and Chinatown submarkets in Manhattan.
The buyers were affiliates of the Louis Dreyfus Property Group and Bruce Toll, founder and vice chairman of Toll Brothers, Apollo announced.
Apollo and its investment partners, TDC Development International and Excelsior II, LLC, purchased the building in 2006. TDC International is a real estate development company, a part of the F&T Group, a core of real estate services companies headquartered in Flushing, Queens, with offices in China.
Excelsior II, LLC is a real estate fund that invests in development and redevelopment projects in New York and which is managed by JPMorgan Investment Management, Inc. Holliday Fenoglio Fowler represented the partnership in the sale.
Apollo Real Estate Advisors is an international real estate investor and fund manager.
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