Wednesday, December 8, 2010

Three buildings sell for $11.5 million on East Fourth Street

From the EV Grieve inbox....



Three buildings at 118 and 120-22 East 4th Street, located between First and Second Avenues in Manhattan’s East Village, were sold in an all cash transaction valued at $11,500,000. The buildings were situated on two lots, with a combined 75’ of frontage, and approximately 26,000 gross square feet. The properties consist of 69 residential apartments with a unit mix of 24 one-bedroom apartments and 45 studios. With the tenant mix consisting of 40 rent stabilized and 29 free market apartments. The properties are well kept with new brass plumbing, updated and rewired electric, two new gas burners, a newly installed laundry room and many renovated apartments.

The Seller was Bruce Miltenberg of Bread & Butter Realty, LLC. “This sale demonstrates the strength of investor appetite for the multifamily rental marketplace that the East Village offers. We have found investors are extremely attracted to the low turnover rate of the tenants and the ease with which it takes to re-rent the apartments that do become vacant. In these buildings in particular it is uncommon to have a vacancy for more the 2-3 days,” said Massey Knakal Vice Chairman and Partner John Ciraulo who exclusively handled this transaction with Massey Knakal First Vice President of Sales Joe Sitt and Director of Sales Craig Waggner.
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4 comments:

  1. ca$hed upDecember 8, 2010 at 6:02 PM

    $11,500,000 cash transaction? wow.

    ReplyDelete
  2. AnonymousDecember 8, 2010 at 7:17 PM

    I predict some illegal eviction attempts in the near future.

    The only way this deal makes sense for the buyer is if they are gambling that they can get the rent stabilized tenants out and convert all the apartments to market rate.

    I expect to see these folks whining to the media soon about how rent stabilization is an unfair burden for them and is forcing them into bankruptcy.

    ReplyDelete
  3. JillDecember 8, 2010 at 8:26 PM

    No info on who the buyer is?

    ReplyDelete
  4. EV GrieveDecember 8, 2010 at 8:36 PM

    @Jill

    Hope to find out soon.

    ReplyDelete

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