Stone Street closes on $33.5M Nolita portfolio

TRD New York /
Nov.November 20, 2012 06:30 PM

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.


Related Articles

arrow_forward_ios
Stone Street in contract to buy $86M multifamily portfolio

Stone Street in contract to buy $86M multifamily portfolio

Stone Street MWest

Stone Street buys Hell’s Kitchen rental for $24M

Morgenstern, Valyrian buy pair of Brooklyn rental buildings

Morgenstern, Valyrian buy pair of Brooklyn rental buildings

16 East 18th Street

Stone Street buys Union Square rental building for $22M

Jeffrey Kaye Stone Street

Jeff Kaye’s Stone Street buys Gramercy rentals for $123M

350 West 18th Street and Stone Street Properties' Jeff Kaye

Here’s what the $10M-$20M NYC investment sales market looked like last week

Kushner closes on 16-building multifamily portfolio for $132M

Kushner closes on 16-building multifamily portfolio for $132M

Stone Street sells its last five NYC properties for $61M

Stone Street sells its last five NYC properties for $61M

arrow_forward_ios
Loading...