The Real Deal New York

Five-building downtown portfolio trades for $50M

December 14, 2012 11:30AM

Massey Knakal’s James Nelson, 55-59 Delancey Street and 380-386 Broome Street

A five-building portfolio — including properties on Delancey Street, Broome Street and Christopher Street — has traded for about $50 million, Crain’s reported. Those buildings include 55-59 and 61-63 Delancey Street, and 380-386 Broome Street. A fifth building is located on Christopher Street.

The portfolio was purchased by RWN Real Estate Partners, Dalan Management and Standard Property Company; the properties have a total of 100 residential units, of which 59 are rent-stabilized. The portfolio also has 10,000 square feet of retail. The Delancey Street buildings have 176 feet of retail frontage. They buyers paid $49.9 million for the buildings.

Public records show that an LLC named Madison 55 Delancey Realty owned 55-59 Delancey Street. In addition, public records show that Madison 380 Broome Realty LLC owned the Broome Street properties.

James Nelson of Massey Knakal brokered the deal. “We thought of breaking up the deal because demand was so strong for the Christopher Street building and Broome Street,” he told Crain’s. “But by keeping them together it was a way to move the Delancey Street buildings which were getting less interest.” [Crain's]Zachary Kussin

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