Global Holdings Management pays $381M to Los Angeles pension fund for rental property in Nomad

Eyal Ofer’s Global Holdings Management Group through the entity 10 East 29th Street Associates LLC paid Los Angeles County Employees’ Retirement Association, being advised by Invesco Real Estate’s Gateway Belvedere, LLC $380.6 million for 7 East 28th Street in Nomad. The deal closed on February 19, 2020, and was recorded on February 24, 2020. The transaction consists of 1 parcel, including the tax class multifamily, luxury type (D8) and containing 392 residential units. The property is 407,555 square feet. The parcel(s) have total development potential of 407,555 square feet.
The sale price per unit is $970,918.

Global Holdings borrowed $250 million for the acquisition and rehabilitation of the building.

The contract was signed on December 13, 2019. Eastdil Secured represented the pension fund. The last time the property, the Instrata Nomad, sold was December 4, 2012, when the pension fund bought it for $300  million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 396 residential (or hotel) units on February 3, 2020.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $330,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link