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

New York /
Jul.July 05, 2012 06:00 PM

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]

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(iStock)
Canada’s surging housing market be peaking
Canada’s surging housing market be peaking
Abraham Edgardo Ortega is one of nine people charged in the laundering scheme. (Getty, Department of Justice)
Former Venezuelan oil exec sentenced in $1B money laundering scheme
Former Venezuelan oil exec sentenced in $1B money laundering scheme
Mark Zuckerberg and Priscilla Chan (Getty, iStock)
Mark Zuckerberg nearly doubles Hawaii real estate holdings
Mark Zuckerberg nearly doubles Hawaii real estate holdings
The Montana property with director Robert Redford and star Brad Pitt. (Getty, Swan Land Company)
“A River Runs Through It” Montana ranch lists for $136M
“A River Runs Through It” Montana ranch lists for $136M
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...