115-117 Avenue A (photo source)
Steve Croman has sold eight buildings in the East Village/Lower East Side for a reported $61.7 million in a deal announced last week.
According to @TradedNY, Croman's Centennial Properties sold 89 Clinton St., 115 and 117 Avenue A, 186, 188 and 222 Avenue B, 330 E. Sixth St. and 117 First Ave. The buyer: ABJ Properties.
This was initially listed as a 14-building, $121 million portfolio, per broker Marcus & Millichap.
The Real Deal reported about this assemblage hitting the market this past December. As TRD noted: "Steve Croman is known for rarely — if ever — selling his apartment buildings."
Croman was released from the Manhattan Correctional Facility in June 2018 after serving eight months of a one-year jail sentence and paid a $5 million tax settlement following separate criminal charges brought by the AG's office for fraudulent refinancing of loans and tax fraud. In a separate civil case, Croman agreed to pay $8 million to the tenants he was accused of bullying out of their rent-regulated apartments.He's the latest in a group of old-line New York landlords who have moved to part ways with their properties in recent months as fallout from the state’s 2019 rent-regulation overhaul has combined with demand from investors eager to get in on the city’s recovery.But unlike investments that were suddenly strained when state lawmakers limited landlords' ability to raise rents on regulated apartments, the properties Croman is offering are almost entirely free-market.