Report: New owner for 531-533 E. 12th St., the onetime home of the East 12th Party Crew

[EVG file photo]

The seven-story rental building at 531-533 E. 12th St. between Avenue A and Avenue B reportedly has a new owner.

According to The Real Deal, Michael Shah's Delshah Capital paid $25.2 million for the 11-year-old building.

The seller, Zelman Properties, paid $16.6 million for the place in 2012. It had been expected to fetch in the mid-to-high $30 million range.

No. 531-533 has 26 residential units, many of them with outdoor space. According to Streeteasy, monthly rents range between $2,900 to $7,500.

As you may recall, Shah was entangled in a legal battle with Raphael "I will bury you" Toledano over the ownership of 97 Second Ave. (Read how that turned out here.)

And as you also may recall, No. 531-533 received some attention in 2009 for being home to NYU's Delta Phi House/East 12th Party Crew:

531 East 12th Party Crew (Apt 1E)
Description:
There are lots of places to party in New York, but few can match the insanity of 531 East 12th Street. If you are tired of going out to bars, come to an apartment with a massive common room filled with multiple pong and flip cup tables.

Former home of the East 12th Party Crew now for sale

[EVG file photo]

The seven-story rental building at 531-533 E. 12th St. between Avenue A and Avenue B is now on the market, according to The Real Deal.

The building has 34 units and a 2,000-square-foot outdoor space.

Here are more details via the article:

Ackman-Ziff Real Estate’s Marion Jones and Alan Goodkin are marketing the building, built in 2009, as a long-term hold. There is no formal asking price, but it is expected to sell in the mid-to-high $30 million range.

“There is near-term upside when you consider that elevator buildings in the East Village typically command rent in the high-$70s to mid-$80s per square foot, and the average rent here is $56 per square foot,” Jones told The Real Deal. “Nearly half of the units have private outdoor space, a rare amenity that increasingly commands premium rents.”

Robert Zelman purchased the building in 2012 from Emmut Properties for $16.6 million.

The address received some attention in 2009 for being home to NYU's Delta Phi House/East 12th Party Crew:

531 East 12th Party Crew (Apt 1E)
Description:
There are lots of places to party in New York, but few can match the insanity of 531 East 12th Street. If you are tired of going out to bars, come to an apartment with a massive common room filled with multiple pong and flip cup tables.