The Real Deal New York

Stone Street closes on $33.5M Nolita portfolio

November 20, 2012 06:30PM
By Katherine Clarke

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Jeffrey Kaye and Robert Morgenstern of Stone Street Properties and 260-268 Elizabeth Street

Hot on the heels of a recent $73 million acquisition, real estate investment firm Stone Street Properties has closed on another five-building portfolio for $33.5 million, the company’s founders Robert Morgenstern and Jeffrey Kaye told The Real Deal today.

The portfolio of buildings is located at 260-268 Elizabeth Street; it is composed of 48 residential units as well as five ground-floor retail spaces. Tenants include Billy’s Bakery and Area ID, a design and interiors boutique.

‘This deal just made sense,” Kaye said. “This is a gem that we found in Nolita. Anytime we find these kinds of buildings in this type of A-plus location, we move very, very quickly.”

Investor and asset management firm Meadow Partners is Stone Street’s equity partner on the deal.

The seller was a conglomerate of investors managed by Marolda Properties, according to public records. A representative for Marolda was not immediately available for comment. Marolda had owned the property since 1998, records show.

Edmund Levy of Cornerstone Property Group represented the seller in the deal. Stone Street did not use a broker.

As previously reported, Stone Street closed on another big deal earlier this week, buying a 16-building Manhattan and Brooklyn portfolio from landlord Robert Koppelman. The company manages its portfolio in house and aims to add value to its holdings by renovating its buildings.

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