Walter & Samuels buys 160-162 Lexington Avenue for $24.5 million

Walter & Samuels chairman David Berley owns a number of architecturally distinct commercial buildings in his portfolio, and his latest acquisition, 160-162 Lexington Ave., stands out as another asset of architectural distinction. An investment group headed by Berley acquired the building for $24.5 million. Cohen Real Estate senior executive director Ric Kaiser represented the seller, Lexington Landmark Properties, who had purchased the building from Touro College in June 2006. The Beaux-Arts building, constructed in 1909 to resemble a Greek temple, is ornamented with a limestone base and granite ionic columns as well as a frieze, cast from sculptures obtained from the Metropolitan Museum of Art, that replicates the Parthenon. The building is punctuated with a sharply sloped roof situated above a classical rose window. Comprising 25,000 s/facross seven floors and basement, the building historically housed educational institutions such as the New York School of Applied Design for Women and Touro College. The current tenant is Dover Street Market, a subsidiary of Comme Des Garçons, the fashion label based in Paris and run by renowned designer Rei Kawakubo, who is considered one of the world's most influential and unique designers. In addition to the New York Dover Street Market, there are three others worldwide, in Tokyo, London, and Beijing. "This building is around the corner from 419 Park Avenue South, the twenty-story terracotta building that has been the home of Walter & Samuels since 1978," Berley said. "I have passed 160 Lexington for many years and admired its beauty. I was very happy to have the opportunity to purchase it." "We continue to add quality retail assets to our portfolio and are always especially pleased to acquire a building with rich architecture and history," said Berley. "Dover Street Market is a destination retail store for the world's fashion trendsetters and celebrities. This high-end, cutting-edge fashion destination helps to continue the transformation of the area."