This package features 271 apartments and 25 retail shops. And the seller — Westbrook Partners. We heard the rumor a few weeks back that Ben Shaoul was unloading part of his East Village portfolio.
Per The Real Deal:
The buildings included 201 East 2nd Street, 23 Avenue A, 129 First Avenue, 143 First Avenue, 338-340 East 11th Street, 165-167 Avenue A, 500 East 11th Street, 504 East 12th Street, 191-193 Avenue A, 435 East 12th Street, 516 East 13th Street, 211 Avenue A and 49 and 1/2 First Avenue.
The partnership will be making major capital improvements to all the buildings, a source close to the deal told TRD.
Our tipster told us a few weeks ago that the deal would not include Shaoul's current East Village projects, including
Anyway, still sorting all this out... some (or all?) of these properties were part of the notorious East Village portfolio that first hit the market late in 2008 for $120. Curbed has those details here.
Occupy East 4th Street has a map showing the 38 East Village apartment buildings "identified as owned and managed by the many-headed hydra of Ben Shaoul." (Magnum Management, Westbrook Partners, Meadow Partners, PVE Associates and Fortune East LLC.)
Much more to come.
Here's more info on the deal via the Post today:
About 70 percent of the units are at market rents with a portfolio average of more than $2,300 in rent per month, said investment broker Aaron Jungreis, president of Rosewood Realty Group, which handled the transaction.
The institutional fund venture of Westbrook Partners, Normandy Partners and Ben Shaoul of Magnum Real Estate, which also managed the properties, did not have year-end tax issues like those of some private investors who fueled the fast and furious market in late 2012, said Jungreis.