Thursday, December 1, 2016

The Lightstone Group flips 10th Street residential building

[Photo of 85 E. 10th St. from September]

Back in the spring, the Lightstone Group paid $127 million for a 6-building portfolio on East 10th Street and East 11th Street. Five of those buildings, 112-120 E. 11th St., are currently being demolished to make way for a 13-floor hotel for the Marriott's Moxy brand.

And now, a resident of the other address in the deal, 85 E. 10th St., which abuts the hotel conversion, shares news that the building here between Third Avenue and Fourth Avenue has been sold.

Per the resident:

New ownership put notes under tenants' doors announcing the sale and promising improvements to the property, including adding a package room, virtual doorman system with surveillance cameras throughout the building, much to the relief of tenants who regularly complain of packages that go missing!


New owners also boast they will be "sprucing up the common areas and keeping the premises very clean and the air smelling pleasant." Also good news to tenants since the building usually reeks of garbage and marijuana, has an outdated ugly lobby, filthy hallways and stairwells and an overgrown, leaf-covered backyard common area no tenants use.

According to The Real Deal, Mallory Management bought the 121-unit rental building on 10th Street for $72.5 million. Residents in the back of No. 85 will have unobstructed views of the demolition at 112-120 and subsequent construction of the Moxy hotel, which is expected to open in late 2018.

Previously on EV Grieve:
Updated: 6-building complex on East 10th Street and East 11th Street sells for $127 million


Gojira said...

So they save the ugly, Brutalist eyesore and demolish the old beauties. Priceless.

Anonymous said...

Tenants please run for your lives, you don't want to live next to a construction site for the next 2 years.

Anonymous said...

Tenants need to prepare for construction and getting the ear of city officials that regulate noise and such other nuisances. I don't envy them.

Walter said...

I knew a couple of people who lived in that building. Including the love of my life. Another memory bites the dust.

Anonymous said...

That building is hideous. That's all. :D

Anonymous said...

Here is one way to look at this: New owners give a phone number and a P.O. Box, but no address in 2 letters, nor a building manager contact name. Just send the money to the P.O. Box. Oh, and they will be watching you on surveillance cameras to be installed. Not the nicest hello.