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Simon Baron buys out stake in Manhattan, NY rental building for $131M

Simon Baron Development Group LLC became the sole owner of 393 West End Ave. in Manhattan, N.Y., after buying out private equity group Quadrum Global's 97.8% stake in the 114-unit rental building for $130.9 million, The Real Deal reported, citing filed records.

The developer is financing the deal for the 16-story, 134,200 square-foot property with a loan from commercial property lender Ascend Real Estate Partners.

Simon Baron bought the asset in 2012 for $68.3 million, in a partnership with London-based hedge fund Cube Capital. A year after, the latter company spun off its real estate business into the new Quadrum Global entity, according to the Oct. 12 report.