The 6-story building between Avenue A and First Avenue has a new owner.
An EVG reader who lives in the building learned of the transaction via a note under the door on Friday.
The Commercial Observer noted the deal Friday afternoon ... reporting that Allied XVII LLC (with a Great Neck, N.Y., address) paid Adria Realty Investment Association $11.5 million.
Per the Observer:
The building ... has 21 apartments and two retail spaces, both occupied by a dentist’s office, with a lease expiring next year. Only six of the residential units are free-market and the rest are rent-stablized with average monthly rents of approximately $1,500.
“The seller is a local businessman who has owned the building since the early 1980s,” said Lev Mavashev of Alpha Realty, who represented the buyer in the deal. “He is planning for retirement and decided to capitalize in this market. The buyer is a local private investor with numerous holdings in the area. When I called the buyer on this deal, he immediately recognized the opportunity to purchase a building with plenty of unrealized potential and jumped on it, especially in this location.”
Mr. Mavashev said the buyer wanted to “add to his holdings in the area.”
The dental office had been on the rental market. The photo here is from March...
[Photo by Steven]
The dentist, Elan Kauffman, had been accused of alleged insurance fraud in this Fox 5 report from 2011.
The other retail tenant is Take Care, a natural healing center and spa with locations in Malibu and Montauk (per their website).
Meanwhile, per the EVG reader on the new owner: "I haven't heard or read anything either positive or negative about them, so I'm not sure if need to be in a state of super alarm (you know, start getting money orders for my rent checks and having them sent certified to the LLC's address — a P.O. Box! — etc.)"