Empire Capital flips $104M Park Ave South deal to Olmstead Properties

Josh Rahmani and Ebi Khalil have flipped their Park Avenue South deal to Olmstead Properties. The Empire Capital co-founders went into contract earlier this year to buy 381 and 373 Park Avenue South from the Hemmerdinger family’s ATCO Properties, as The Real Deal previously reported. Now, Olmstead has bought the office buildings from ATCO for $104 million, with Empire retaining a small piece of the deal. “373 and 381 Park are quintessential Olmstead buildings — classic architecture, prime location and untapped potential,” Olmstead managing director Steve Marvin said in a statement. “Our broader portfolio is 95 percent leased because tenants […] This article originally appeared on The Real Deal. Click here to read the full story.