Italian investor buys 73-75 E. Third St. for $15.5 million

Back in late October 2009, we speculated about what home was for sale for nearly $16 million on East Third Street. (Read all about that right here.)

We eventually found the answer: 73-75 E. Third St., directly to the west of the Hells Angels HQ. According to the listing at the time, the 49 units in the buildings were going for $15.7 million...



Yesterday, Massey Knakal announced that the property had been sold "in an all cash transaction valued at $15,500,000."

Here are more details via the news release:

Combined, the two six-story buildings are approximately 22,092 total above grade square feet and have 50 feet of frontage along East 3rd Street. In total, there are 49 one-bedroom apartments, of which, 4 are rent controlled and the remaining 45 units are all free market. All 45 free market units have been renovated to include new hardwood floors, marble tiles in the bathrooms, granite countertops and new appliances including dishwashers in the kitchens and washer/dryer in the units. Most of the units also benefit from exposed brick.

“The purchaser was a foreign national from Italy who had sold a property and used the proceeds in a tax deferred 1031 exchange. New York City commercial real estate continues to be perceived by foreign investors as providing the best opportunity for capital appreciation and multifamily investments are the preferred sector today. It has historically been viewed as a safe haven for both foreign and local investor’s,” said Massey Knakal Vice Chairman and Partner John Ciraulo.

Anywho, no word about the fate of Sanctuary Guest Suites — Bed & Breakfast housed in 73 E. Third St. (There have been a few complaints from nearby residents who claim that this is an illegal hotel. You can read some of the complaints to the city here.)

And this was also the hotel with the guests who enjoyed relaxing on the bench in front of the Hells Angels HQ.

For further reading on EV Grieve:
The Hells Angels kindly request that hotel guests please refrain from sitting on their bench

Continuing to speculate about what 10-room, $15-million home is for sale on East Third Street

We now know what building is for sale for $15 million on East Third Street (hint: buy an alleged illegal hotel and live next to the Hells Angels!)