Benchmark’s East Village rental site to launch leasing

Firm paid $57M last year for building that houses the Smith

TRD New York /
May.May 20, 2014 01:36 PM

Details have emerged about Benchmark Real Estate Group’s redevelopment of a mixed-use rental-and-retail building in the East Village, a spokesperson told The Real Deal. Leasing is expected to launch next month at the 54-unit property at 55 Third Avenue now known as Eleventh and Third.

The building, located between 10th and 11th streets, features 10,500 square feet of retail. American restaurant the Smith and Asian deli M2M both occupy the ground-floor space.

Brokerage and consulting firm Bold New York is handling the marketing and leasing exclusively. Rent for the units will range from $3,500 for a studio to $6,000 for a one-bedroom to as much as $10,000 for a two-bedroom, the spokesperson said. Some of the one- and two-bedroom apartments feature a private outdoor space.

In December, W. Aaron Feldman and Jordan Vogel of Benchmark paid $57 million for the site, as previously reported. Russell Frahm of Los Angeles-based Mesa West Capital financed the acquisition. Since then, the property has been undergoing redesign of the exterior and interior.

Amenities include a 24-hour doorman, fitness center with yoga and massage studios, and a shared outdoor space.

Benchmark raised a $95 million real estate fund in March, with the intention of buying more mixed-use and multi-family properties in Manhattan, as The Real Deal reported.

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