Investor Elliot Sohayegh is in contract to buy four adjacent rental buildings on St. Mark’s Place between Second Avenue and Third Avenue for $44 million, The Real Deal reports.
The walk-up buildings are: 28 St. Mark's Place, 30 St. Mark's Place, 32 St. Mark's Place and 34 St. Mark's Place. The retail tenants in these buildings include Kung Fu Tea (No. 28), the incoming Mamoun's Falafel (No. 30), 2 Bros Pizza (No. 32) and Khyber Pass (No. 34).
Some details, per TRD:
Asking rents for retail on the block are about $250 per square foot. Meanwhile, a market-rate apartment at one of the buildings rents for $3,200 per month on average, according to StreetEasy. About 40 percent of the apartments are market-rate units; the rest are rent-stabilized.
The deal is expected to close in the next couple months, sources said.
The seller is an investor affiliated with the entity St. Marks Assets Inc., which has owned the buildings since the late 1970s, property records show.
The buyer-to-be is planning renovations, sources said
Also on this south side of the block, 34 1/2 St. Mark's Place remains on the market... as does 4 St. Mark's Place, where tenant Trash & Vaudeville is closing Monday ahead of a move to 96 E. Seventh St.
Ah, yes, that all-inclusive term "renovations". I think we all know what that means for the tenants.
It never ends.....
sure hope it doesn't affect mamouns
@ blue glass ...and khyber pass. save the pumpkin turnovers!
Let the Shit Show begin. Investor and scumbag Icon Realty took over my building a couple of years ago and now half the tenants have been "removed" and the remaining tenants are now harassed daily. All the retail stores have been forced out. I feel for these people. What are these "investors" thinking? Who is going to want to live here?
Retail that will soon be available, for rent, at 3x current rates:
- 28 St. Mark's Place
- 30 St. Mark's Place
- 32 St. Mark's Place
- 34 St. Mark's Place
Expect $6 dollar bubble tea and $10 falafel, not to mention $4 slices (that taste like $1 slices).
Or at least more applications for new liquor licenses.
Weren't they moving anyhow?
How does Icon make money if they can't retain tenants or retail? I'd never live in one of their buildings and I can't imagine I'm the only one with hesitation to enter into any type of agreement with them.
44 million for 4 fucking buildings? wtf?
Residents of these building: better start a Tenant's Association immediately. Also start working in partnership with Cooper Square Development, the nonprofit on 4th St. This is what saved my building from being emptied out by Icon. They will do everything and anything to get rid of tenants. Save your community!
Save what? God forbid people live somewhere they can actually afford. How do so many foreign born come here and make it while people here whine and complain. Unbelievable sense of entitlement. Thanks Obama.
@11:05 AM is ABSOLUTELY RIGHT: Tenants, get organized if you want to save your right to live in your apartments.
There was just a Q&A about this in the NY Times and the lawyer who answered it said that tenants who organize ALWAYS do better than tenants who try to battle it out individually.
Get organized, and get advice & help from every tenant organization that you can connect with. I wish all of you the best.
Oh boy... I live in one of those buildings.... I wonder what a decent buy out would be for 40+ years R/C
Oy. I live there. What will the harassment look like?
It depends what the new owners want to do with the buildings, renovate, gut renovate or tear down to make new ones... many R/C and R/S tenants in all 4 buildings... buyouts would have to be in the high 6 or even 7 figures to even consider a move
I grew up on this street and tire of the open air strip mall it has become.
We're living in a real live game of Monopoly here now, guys, and they want it ALL. EV apartment buildings shouldn't be sold in multi-building "portfolios". Until recent years, it was largely one building per (local individual) owner here and they lived well off their building and that was enough but we have now entered a sudden new age of greed where these new investment group buyers are impersonal as hell, buying up everything we have and only care about their fat profits. The Corporation is killing our community for its portfolio.
Greed is Good - some Lizard said that.... wish there was a way to thumbs up the above comment
@Mark Hand - That wasn't a lizard. That was a movie, and it was a human being, which is one of those mammals.
People should not foist their sins onto innocent reptiles.
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