Wednesday, January 25, 2017

114 E. 7th St. sells for $13.8 million

There's a new landlord at 114 E. Seventh St., which has changed hands for $13.8 million. The transaction hit public records on Jan. 10.

The Real Deal reported that the Luthien Group bought the 28-unit rental building between Avenue A and First Avenue from Domek Associates. Per TRD, "half of the units at the five-story building are rent-regulated."

The Luthien Group recently sold 629 East Fifth St. for $16.2 million, as we noted last week. That building between Avenue B and Avenue C features 24 market-rate units.

Image via Google Street View


Anonymous said...

If you live in this building get organized before it's too late. Do some research on your new landlord, see if they have a history of forcing tenants out to make the building 100% market rate.

Anonymous said...

Heck, just assume the developers intend to clear out the rent regulated tenants, it is part of their business plan. Organize as soon as possible. Call nonprofits such as Cooper Square Committee or Gold Lower East Side. Start a google group e mail list and get all the tenants on it so they can communicate. Knowledge is power and if you do not organize 90% of you will be gone within a year. Take it as gospel from this Icon Realty tenant.

Anonymous said...

I agree with 11:48!!! I am also a victim of Icon Realty's harassment and I watched my neighbors and shopkeepers being thrown out one by one. Know your rights; you have protection if you are rent regulated. Be strong because it will probably be a fight. And remember just because something is illegal; does not mean the landlord will not try it.

Scuba Diva said...

At 12:52 PM, Anonymous said:

And remember just because something is illegal; does not mean the landlord will not try it.

I think it's time for a new tattoo.

Anonymous said...

New landlords will have an interest in getting the rent stabilized tenants out. $14M is a big investment. Half are rent stabilized? Look out!