Jones Brothers pay $23.5M for trio of East Village buildings, plan renovations

July 05, 2012 06:00PM

GRJ, a two-year-old fund co-founded by brothers Graham and Gregory Jones, has closed a $23.5 million deal for three East Village buildings, the New York Observer reported. The contiguous properties, located at 50-58 East 3rd Street, comprise 78 total units, and were sold by Abe Haruvi of Abart Holdings, which had refinanced the buildings for $9.9 million just over a year ago.

The brothers plan to make capital improvements to the buildings after the final tenant’s lease runs out — a move sure to anger local community groups who have been resisting being force out. A GRJ press representative indicated that renovations would likely start within a year.

The three-building deal marks the second major purchase GRJ has made in the last eight months. In November the fund bought a 20-unit building at 227 East 89th Street for $3.5 million, according to public records.

“The buildings are in a phenomenal location and we think that market fundamentals will continue to work in our favor,” Graham Jones told the Observer. [NYO]