Satellite Founder Sonnino Buys Manhattan Gallery Building

Feb 12 2014 | 11:18am ET

Mark Sonnino's Satellite Asset Management hedge fund went under almost five years ago, but he's still dealing—in Manhattan real estate.

Sonnino has bought a six-story building in Chelsea for $27 million. The deal comes just two months after he sold his home on Duane Street, in Tribeca, for $43 million.

Sonnino paid cash for the 41,000-square-foot office building, which is fully leased to creative tenants, including an art gallery and a hand-crafted furniture showroom. But rents in the building are far below market rate, according to Massey Knakal Realty, which represented the seller.

The building, built in 1891, is one West 25th Street, between 10th and 11th avenues.

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