[No. 85 via Streeteasy]
Last fall, we heard from a resident who lives at 85 E. 10th St. between Third Avenue and Fourth Avenue. Rumors were circulating that No. 85 along with adjacent buildings at 112-120 E. 11th St. were in the process of being sold.
Tenants were also suspicious when they only received offers of a one-year lease renewal instead of the usual two years, per the resident.
On Wednesday, the resident came home to find the following letter shoved under the door... confirmation of the sale...
According to public records, Pan Am Equities sold the properties to an LLC for
What the transactions means for current resident is unclear... other than that they will likely be receiving further correspondence containing words like "hereto."
112-120 E. 11th St. is a row of five low-rise buildings with 76 rentals. 85 E. 10th St. features five floors with 75 units.
Oh! The deal was actually for $127 million, per the Commercial Observer.