Trevi Retail has ventured outside its retail investment specialty, buying four Upper East Side residential buildings with no ground-level retail space for nearly $100 million.
The real estate investment firm is in contract to buy 420 East 66th Street, 336 East 81st Street, 344 East 85th Street and 404 East 88th Street, according to Crain’s. The seller is Stone Street Properties, which purchased the buildings, along with one other property, for about $99 million in 2011, according to the website.
The five- and six-story buildings contain 216 rental units in total and generate roughly $4.2 million in income per year, according to marketing material from Massey Knakal cited by Crain’s. A team led by chairman Bob Knakal represented Stone Street.
Stone Street listed the five properties for $150 million earlier this year, The Real Deal previously reported. Taken together, they fetched about $130 million, according to Crain’s.
Trevi also picked up more than 13,000 square feet of development rights tied to the properties, the website reported. [Crain’s] – Tom DiChristopher