Monday, November 26, 2012

2 East Village buildings part of $73 million deal

Catching up on this news release (PDF) via Massey Knakal from last week ... "11 prime multifamily walkup apartment buildings located on the Upper East Side and the East and West Village, with an additional 40-unit property located in downtown Brooklyn, was sold in an all-cash transaction valued at $73,000,000."

The two units here are 438-440 E. 13th St. ...

... and 104 E. Seventh St. at Avenue C (a building that workers have been cleaning up in recent months...)

The Real Deal had more details on the transaction... Stone Street Properties, headed by Jeffrey Kaye and Robert Morgenstern, reportedly bought the properties from "longtime Manhattan landlord Robert Koppelman."

Per The Real Deal: "Stone Street manages its properties in-house, aiming to add value by reconfiguring and renovating apartments." Massey Knakal's news release noted that "roughly 72 percent of the units are rent regulated with average monthly rents considerably below market."

Have any tips about the situation here in these two East Village buildings? Please send them our way via the EV Grieve email


Anonymous said...

HA! I love it! Looks like Jeffrey and Robert bought the buildings thinking they could oust the regulated tenants...sorry boys!
May the good people of 338-340 and 104 gird their loins for the antics of the new owners!

Anonymous said...

73 million in an all-cash transaction? Sounds legit

Anonymous said...

It's actually 438-440 East 13th. They started gutting an apartment on the 5th floor the week of Thanksgiving and were hauling out debris all day Friday 11/23. From the looks of what was being dragged down the stairs in barrels, they took that unit down to the studs (what few there are).