Report: New owners for the 3 buildings on the SW corner of 2nd Avenue and St. Mark's Place

The three buildings at 127-129 Second Ave. and 36 St. Mark's Place have a new owner.

In a sale announced last week, Ryco Capital purchased the properties on the high-profile SW corner from landlord Jonis Realty (which is run by Citi Urban Management, also owned by the Helegua family) for $29 million.

The three six-story mixed-use buildings contain 10 retail and 60-plus residential units, ranging from studios to five-bedroom apartments. The retail tenants include B&H Dairy, Ramen Misoya, Taqueria Diana, Paul's Da Burger Joint and Poetica Coffee.

From the press release, here's broker Joe Koicim of the NYM Group of Marcus & Millichap:

"The East Village is a supply-constrained rental market that has consistently provided owners with higher annual rent growth than nearly every other New York City submarket. With this asset ideally situated on the corner of Saint Mark's Place and Second Avenue, the buyer will capitalize on the long-term upside created by the natural demand for apartments and retail space in this area. This submarket has been reflective of the overall strength of New York City's rental market, which began the year with vacancy at 1.8%."

According to media reports and public records, tenants have tangled with Jonis Realty since they bought the buildings in the late 1990s.

Per the Commercial Observer last week:

Conditions deteriorated since, and the properties currently have 411 housing violations racked up across its 64 apartments, according to housing records. 

Tenants have sued Citi-Urban for repairs several times over the last decade and settled the cases for undisclosed amounts, according to city housing records. Now, Ryco will put the buildings in the hands of its own property management firm, Ryco NYC, according to City Residents Alliance, a nonprofit tenant group. 

Jonis Realty/Citi Urban Management owns and manages more than 30 NYC buildings, including 11 in the East Village, media reports and public documents show. 

On May 8, several residents of the Jonis Realty/Citi Urban Management-owned 131 Avenue A held a rally after two fires in six months at the building on the NW corner of St. Mark's Place. 

The Village Sun reported on residents who had difficulty fleeing an early morning fire on April 24 due to alleged building disrepair.

A group of residents who live in properties owned/run by Citi Urban Management formed the Citi Residents Alliance, which has a website with a violations database.