Friday, April 29, 2016

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

[No. 85 via Streeteasy]

Last fall, we heard from a resident who lives at 85 E. 10th St. between Third Avenue and Fourth Avenue. Rumors were circulating that No. 85 along with adjacent buildings at 112-120 E. 11th St. were in the process of being sold.

Tenants were also suspicious when they only received offers of a one-year lease renewal instead of the usual two years, per the resident.

On Wednesday, the resident came home to find the following letter shoved under the door... confirmation of the sale...

According to public records, Pan Am Equities sold the properties to an LLC for $56 $127 million. The LLC (US-DEV Associates II) in public records is traced to Lightstone, "one of the largest and most diversified privately held real estate companies in the United States."

What the transactions means for current resident is unclear... other than that they will likely be receiving further correspondence containing words like "hereto."

112-120 E. 11th St. is a row of five low-rise buildings with 76 rentals. 85 E. 10th St. features five floors with 75 units.

Updated 5/4
Oh! The deal was actually for $127 million, per the Commercial Observer.


Anonymous said...

Keep those rent checks coming...they will increase if we have any say in the matter

Anonymous said...

Lightstone will be demolishing the properties on 11th street beginning this year, and plans to develop a hotel there on behalf/with one of its hotel partners— most likely Marriott— to build one of their low-budget "hip" hotels, branded as "Moxy". They will be doing minor refurbishing t0 85 East 10th Street, and then will look to unload it. They only bought the property because Pan Am required purchase of 85 E10th as part of the 112-120 E11th deal.

Hope they have an incredible budget for sound-proofing on this new development because staying across from Webster Hall is not the most conducive to the whole "sleeping" experience! Haha.

Anonymous said...

I live in the building. Confirmed with the contact we were given in the notice, the buildings will be demolished. They are in the process of removing all tenants, not renewing leases etc.

Goodluck with a hotel there...with the amount of noise and traffic Webster Hall puts out.

Anonymous said...

Any rent stabilized or rent controlled tenant there?? Be prepared for buy outs - don't accept nothing under $250k+!