The Real Deal New York

Trevi’s acquisition tear marches on

August 10, 2012 04:30PM

785 Madison Avenue at center (credit: PropertyShark)

Trevi Retail CEO Rockie Gajwani apparently wasn’t joking around when he told Crain’s that “we are quick and fast.” The paper reported that Trevi is continuing its streak of retail-focused purchases with the nearly $18 million purchase of the five-story building at 785 Madison Avenue. The deal brings Trevi’s tally to 19 acquisitions since the firm opened for business almost one year ago.

This news comes at the heels of other Trevi acquisitions, which The Real Deal reported. Just last week, the firm closed on two properties: a two-building Upper West Side rental package with 3,300 square feet of retail and a 27,000-square-foot ground floor space at 650 Sixth Avenue. In total, Trevi has spent $193 million on its Manhattan transactions.

The new purchase is the 7,440-square-foot structure between East 66th and 67th streets. The building has four vacant apartments, a total of seven market-rate and rent-stabilized homes, as well as 3,300 square feet of retail occupied by Fogal of Switzerland, a women’s accessories retailer. The deal was paid all in cash and there was no broker representation.

Public records show Santi Properties, Inc. as the owner — Crain’s said they’re a family from Milan, Italy.

Continuing the “quick and fast” theme, Trevi will begin work on the vacant homes this Monday. Trevi will dole out approximately $2 million to install an elevator and build a penthouse unit. [Crain's]

MENU