The Reel

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A blog for breaking sales and neighborhood real estate news.

Two adjacent walk-up apartment buildings at 73 and 75 East 3rd Street, located between First and Second Avenues in Manhattan’s East Village, was sold in an all cash transaction valued at $15,500,000.

Combined, the two six-story buildings are approximately 22,092 total above grade square feet and have 50 feet  of frontage along East 3rd  Street. In total, there are 49 one-bedroom apartments, of which, 4 are rent controlled and the remaining 45 units are all free market.  All 45 free market units have been renovated to include new hardwood floors, marble tiles in the bathrooms, granite countertops and new appliances including dishwashers in the kitchens and washer/dryer in the units. Most of the units also benefit from exposed brick.

“The purchaser was a foreign national from Italy who had sold a property and used the proceeds in a tax deferred 1031 exchange. New York City commercial real estate continues to be perceived by foreign investors as providing the best opportunity for capital appreciation and multifamily investments are the preferred sector today. It has historically been viewed as a safe haven for both foreign and local investor’s,” said Massey Knakal Vice Chairman and Partner John Ciraulo who exclusively represented the seller in this transaction along with Director of Sales Craig Waggner.

The buyer was represented by Tim Crowley of Flank Brokerage, LLC.

Click here for press release

Neighborhoods: East Village/ Agents: John Ciraulo