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NEW YORK CITY-Apollo Real Estate Advisors has closed on its sale 148 Lafayette St. to the Louis Dreyfus Property Group and Bruce Toll, founder of Toll Brothers Inc. The 129,000-sf manufacturing and office building traded for $59 million.

“This is an emerging area of the city where there has been a rapid rise in property values, so the timing was appropriate for a sale,” says Richard Mack, managing partner of Apollo.

Apollo as well as TDC Development International and Excelsior II LLC, Apollo investment partners, originally purchased the 12-story SoHo building in 2006.

Holliday Fenoglio Fowler represented the Apollo and its partners in the sale. Apollo did not return requests for comment.

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