Tenant concern as longtime family-owned residential buildings sell for $58 million

News arrived last week that Meadow Partners is the new owner of 305 E. 11th St. and 310 E. 12th St. (above), adjacent multifamily residential buildings between First Avenue and Second Avenue. 

The deal for the 89-unit buildings, owned by the Chissick family since the late 1960s, was $58 million. 

Here are some details via the news release: 

[T]he elevatored buildings are connected by an 11,000 square foot courtyard. Constructed in 1940, the buildings' studios, and one- and two-bedroom units include distinct architectural features with arched doorways and moldings. 

Jeffrey Kaplan, managing partner of Meadow Partners, said, "This off-market transaction is a testament to Meadow’s strong relationships with leading owners and developers throughout New York City and the deep experience we bring to investing in the East Village for the past 13 years. We look forward to modernizing and enhancing the value of these properties in one of Manhattan’s most exciting neighborhoods." 

According to published reports, about a third of the 89 units are rent-stabilized. Kaplan told Crain's, "the market-rate units are renting below market value, but high rents and demand in the city should mean room for growth." 

We've already heard from several residents here. One said, "they are already trying to push people out" with lease non-renewals. 

Per another resident: 

Hearing rumors of 30-50% rent increases and plans to add a 6th floor — therefore letting all 5th-floor leases lapse. There are many long-term, older people and rent-stabilized/rent-controlled tenants, who are naturally concerned." 

With this purchase, Meadow now owns 430 units in the East Village.