Nearly $1T AUM Hamilton Lane buys $62.9M RWN stake in 5 Dalan walkups in Manhattan

UPDATED, 12:20 p.m., March 12, 2025: Private equity firm Hamilton Lane that reports it has $956 billion in assets under management bought RWN Real Estate Partners’ 85 percent stake valued at $62.9M in five Dalan Real Estate walkup buildings in Manhattan in two separate transactions. It was unclear if the $62.9 million represented the 85 percent stake, which would imply the five buildings were worth $74 million.

In the larger transaction, Hamilton Lane through the entity Edgewood Partners IV Lp acquired an interest from RWN Real Estate Partners through the entity Rwnih-Rep BCD LLC valued at $49.7 million for the 42-unit walkup (C7) at 380-384 Broome Street in Nolita, the 45-unit walkup (C7) at 55-61 Delancey Street in the Lower East Side, and the 13-unit walkup (C7) at 9 Christopher Street in Greenwich Village.
The deal closed on February 26, 2025 and was recorded on March 7, 2025. The four properties have 75,020 square feet of built space and 17,169 square feet of additional air rights for a total buildable of 87,155 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $662 and the price per buildable square foot is $570 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

In the smaller transaction, Hamilton Lane through the entity Edgewood Partners IV Lp acquired an interest from RWN Real Estate Partners through the entity Rwnih-Rep II Elizabeth Street LLC valued at $13.2 million for the 26-unit residential walkup building (C7) at 233 Elizabeth Street in Nolita.
The deal closed on February 26, 2025 and was recorded on March 7, 2025. The property has 18,081 square feet of built space and 6,539 square feet of additional air rights for a total buildable of 24,603 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $728 and the price per buildable square foot is $535 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

In addition to residential units, 380-384 Broome Street has four retail units, 55-61 Delancey Street has eight retail units, 9 Christopher Street has two retail units and 233 Elizabeth Street has three retail units.

This is an 85% stake in the property. Edgewood Partners is a subsidiary of Hamilton Lane, which is also known as Hamilton Lane Advisors. Dalan Real Estate is the publicly identified owner.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 384 Broome Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hamilton Lane had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller RWN Real Estate Partners had not purchased any other properties and sold two properties in two transactions for a total of $40 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Andrew Wrublin, head officer and Daniel Wrublin, officer. The business entity is Bcd Broome Llc. The four properties with a total of 75,020 square feet of built space generated revenue of $6.2 million per year or $83 per square foot. The sale price per square foot was $663.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, eight housing violations, and $10,950 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 384 Broome Street, PincusCo has identified the owners of five of the 13 commercial properties representing 71,557 square feet of the 174,734 square feet. The largest owner is Dalan Real Estate, followed by Ivy Arce and then Kahen Properties.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 174,734 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that RWN Real Estate Partners owned at least three commercial properties with 21 residential units in New York City with 27,909 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 27,909 square feet of built space are office properties, with walkup properties next occupying 34 percent of the space. They are all located in Manhattan.

Correction: The residential and retail unit counts in the buildings were updated.

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