More details on the deal that saw the northeast corner of Avenue A and 12th Street change hands

Back on Monday, an EVG reader told us that 194-196 Avenue A and 503-505 East 12th Street had been sold.

The Commercial Observer provides more details on the deal that saw Dalan Management and real-estate investing firm Avenue Realty Capital buy the portfolio of four mixed-use buildings for $16.8 million.

Per the CO:

“We are excited to control four buildings on a prime corner of Avenue A and 12th Street in the East Village,” Daniel Wrublin, a principal at Dalan, said in a prepared statement. “The properties are in good condition, but we have substantial improvements planned to take them to the next level.”

Yes, "the next level." As the reader, who is also a resident in one of the buildings, told us: "I have a feeling that chances of us getting priced out next year are high. Womp."

El Camion and Double Wide Bar & Southern Kitchen occupy the retail spaces.

No. 196 housed Avenue A Wine & Liquor, which closed back in August. That storefront is for lease with an asking rent of $10,500 a month.

Reader report: The northeast corner of Avenue A and 12th Street changes hands

An EVG reader writes in:

Just received a tenant notice letter that 194-196 Avenue A and 503-505 East 12th Street have been sold to Avenue A Corner Owner LLC c/o Dalan Management Associates. Marolda Properties was pretty terrible to deal with these last few years, wonder if Dalan Management will be better or worse.

I have a feeling that chances of us getting priced out next year are high. Womp.

Terms of the deal haven't apparently made public record just yet. (The LLC has an address in Nassau County.) And we don't know much about Dalan. Here's their bio:

"We are a real estate owner and manager focused on improving and adding value to multifamily and commercial properties. Our portfolio includes residential properties in Manhattan, Brooklyn, Queens, the Bronx, Washington DC, and Phoenix, Arizona. We also have commercial holdings in Manhattan."

As some of you may recall, a fire tore through the building in March 2006. The corner retail space housed the Raven from July 1998 through the time of the fire.

The building was, of course, rebuilt, though not without causing some suspicion among neighbors.

The storefront at No. 196 is currently for lease with an asking rent of $10,500 a month. Avenue A Wine & Liquor closed here back in August.