Four Winds looks to nearly double money on Gotham Court flip

Firm, partners want $35M for LES rental buildings they bought for $19M last year

TRD NEW YORK /
Jun.June 24, 2014 09:00 AM

Four Winds Real Estate, in partnership with Nathan and Josh Halegua of Jonis Realty and investor Martin Newman, listed a pair of Lower East Side rental buildings on a single lot yesterday for $35 million total — nearly double what they paid for them last year.

The properties at 152 Ludlow Street and 149-151 Essex Street are known as Gotham Court. The former is a five-story walk-up with two duplex rentals and the bar/cafe and independent music venue Cake Shop. The latter is a seven-story elevator building with 20 rental units and two retail spaces. A Mexican-Asian fusion restaurant Tijuana Picnic replaced the Laugh Lounge, which closed in 2010. Each retail space is about 2,000 square feet.

In April 2013, Four Winds, which was launched in 2012 by David Schneiderman and Joshua Landau, made its first multi-family, fee-interest acquisition when it paid $19.1 million for the buildings, then owned by 149-151 Essex Street Associates LLC.  The owners proceeded to renovate some of the units by upgrading kitchens and adding extra bedrooms.

A Jones Lang LaSalle team of Glenn Tolchin, Yoav Oelsner, Anthony Ledesma, Jason Gold and Richard Baxter has the listing. The brokers are marketing the site as a repositioning opportunity. Tolchin said he expects the net operating income to increase by 70 percent in the first years of new ownership, if renovations were to continue.

“The market has improved pretty significantly,” Tolchin said.

The properties, built in 2004, sit next to the 1.65-million-square-foot, $1.1 billion mixed-use Essex Crossing development.

Related Articles

arrow_forward_ios
Clockwise from the bottom: Judge Arthur Engoron, JDS Development’s Michael Stern, L&M’s Ron Moelis, Josh Siegel of Starrett with a rendering of Two Bridges (Credit: Twitter and Curbed NY)

Judge deals another blow to Two Bridges towers

JLL President and CEO Christian Ulbrich & JLL Global Chief Financial Officer Stephanie Plaines (Credit: iStock, JLL)

JLL still riding revenue wave after HFF acquisition

One Manhattan Square’s adult treehouse (Credit: Extell)

Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square

Glenn Tolchin and Yoav Oelsner (Credit: Jll; Getty Images)

Former JLL brokers launch boutique sales firm

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

Clockwise from left: 168-170 Wythe Avenue, 115 North 6th Street and 129-133 Kent Avenue with L3 Capital's Domenic Lanni (Credit: Google Maps)

L3’s Williamsburg retail properties snag $91M refi

Warner Media CEO John Stankey, Google CEO Sundar Pichai and Facebook CEO mark zuckerberg (Credit: Getty Images, iStock)

Triple-digit office rents, once a rarity, are now a major piece of Manhattan deals

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

arrow_forward_ios
Loading...