NEW YORK CITY-Some favorable market conditions and a clever purchase of air rights enabled American Development Group to make nearly $20 million on a 2012 purchase in nine months.
The company—in conjunction with Langsam Property Services Corp.—sold 215-219 W. 28th Street for $51 million, it announced Monday. The 116,000 square foot ground-up construction site was purchased last December for $32 million.
The buyer was HAP, an Israel-based fund. Both sides of the transaction were represented by a Massey Knakal Realty Services team, spearheaded by chairman Bob Knakal. Brian Lockner, head of investments and acquisitions for ADG, managed the transaction.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
