Meadow Partners has purchased two rental buildings in the East Village, the latest in a series of multi-family moves.
The company purchased adjacent buildings at 305 East 11th Street and 310 East 12th Street for $58 million. reportThe seller was the Chisic family, who have owned the building since at least 1968.
Cerebrus Capital provided acquisition financing for the off-market transaction.
The two buildings consist of 89 units, approximately one-third of which are rent stabilized. Meadow Partners’ Jeffrey Kaplan said Crain’s market-priced units are below market value. High rents and demand in cities There should be room for growth.
David Schechtman and Abie Kassin of Meridian Capital Group represented the seller in the transaction. Adam Spies and Adam Doneger of Cushman and Wakefield represented the purchaser.
Meadow has several other rental properties in the East Village. In total, the company owns 430 units in the neighborhood.
This is Meadow’s latest multifamily deal, set for $58 million in properties across two boroughs in December.Office Partnered with Davean Holdings Purchase 12 free market buildings in Manhattan and Brooklyn, all individually, all for cash. The two companies secured $50.5 million in a cross-secured loan from Fortress Investment Group.
Meadow has recently made a number of investments in Manhattan, ranging from small apartment complexes to large office buildings. The company purchased his 220,000-square-foot office building at 95 Morton Street in the West Village, according to property records last month. $288 millionAby Rosen’s RFR Holding was the seller in the deal.
Rising interest rates and expiring 421a tax breaks are causing rents to skyrocket and discouraging multifamily development, so more businesses are turning to modest multifamily homes.
Private equity giant Carlyle quietly built a large portfolio A small apartment block in Brooklyn. Last year, the company bought more than 130 buildings in neighborhoods like Bushwick, Bedford-Stuyvesant, Park Slope and Cobble Hill, spending $500 million in the process.
— Holden Walter Warner