The Real Deal New York

LES building that sparked a fierce bidding war trades for $11.3M

Buyer plans a transition from rent-regulated to market-rate units

January 22, 2013 12:00PM

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Michael DeCheser, Robert Burton and 221-223 East Broadway

A six-story Lower East Side walk-up, known as the Mayflower, has sold in a heated bidding war for $11.3 million to a Long Island investor, the New York Observer reported. Massey Knakal arranged auction of the 21,309-square-foot mixed-use building, located at 221-223 East Broadway on the southeast corner of East Broadway and Clinton Street, on behalf of Red Brick Properties.

Just a block south of the Seward Park Mixed-Use Development Project, Red Brick plans to hold the Beaux-Arts building and eventual transition its affordable housing units to market-rate rentals. Of the building’s 26 units — seven one-bedrooms, eight two-bedrooms, eight three-bedrooms and three four-bedrooms — 11 are market rate, 14 are rent stabilized and one is rent controlled.

“The high level of interest and activity we received at 221-223 East Broadway indicates the growing interest in the area south of the Seward Park urban renewal area,” Michael DeCheser, Massey Knakal director of sales, told the Observer. DeCheser represented the seller with senior vice president of sales Robert Burton.

The building’s retail tenants include: Malt and Mold, Pushcart Coffee, Sivandrew Bar, Manhattan Deli & Grocery and a nail salon. [NYO]Christopher Cameron

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