Trevi Retail makes $100M all-residential purchase

Investment firm picks up four rental buildings from Stone Street Properties

TRD New York /
Sep.September 02, 2014 04:00 PM

Trevi Retail has ventured outside its retail investment specialty, buying four Upper East Side residential buildings with no ground-level retail space for nearly $100 million.

The real estate investment firm is in contract to buy 420 East 66th Street, 336 East 81st Street, 344 East 85th Street and 404 East 88th Street, according to Crain’s. The Seller Is Stone Street Properties, which purchased the buildings, along with one other property, for about $99 million in 2011, according to the website.

The five- and six-story buildings contain 216 rental units in total and generate roughly $4.2 million in income per year, according to marketing material from Massey Knakal cited by Crain’s. A team led by chairman Bob Knakal represented Stone Street.

Stone Street listed the five properties for $150 million earlier this year, The Real Deal previously reported. Taken together, they fetched about $130 million, according to Crain’s.

Trevi also picked up more than 13,000 square feet of development rights tied to the properties, the website reported. [Crain’s]Tom DiChristopher


Related Articles

arrow_forward_ios
1165 Madison Avenue and Naftali Group's Miki Naftali (Credit: Google Maps and Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali Group plans another Upper East Side condo

Naftali Group plans another Upper East Side condo
150 East 45th Street and Children’s Aid president Phoebe Boyer (Credit: Google Maps)

Children’s Aid Society sells Midtown HQ

Children’s Aid Society sells Midtown HQ
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose closes $81M all-cash Brooklyn buy

Rockrose closes $81M all-cash Brooklyn buy
David Schechtman, Bob Knakal, Peter Von der Ahe

Top I-sales brokers on what to do when there are no deals

Top I-sales brokers on what to do when there are no deals
Sherry-Netherland Hotel at 781 Fifth Avenue and Guo Wengui (Credit: iStock)

Chinese fugitive willing to take $12M loss at Sherry-Netherland

Chinese fugitive willing to take $12M loss at Sherry-Netherland
781 Fifth Avenue (Credit: StreetEasy, Beyond My Ken via Wikipedia)

Full-floor Sherry-Netherland pad relists — at nearly half its 2015 ask

Full-floor Sherry-Netherland pad relists — at nearly half its 2015 ask
The former Food Emporium space at East 59th Street and First Avenue and a Trader Joe's (Credit: Google Maps, Wikipedia)

Trader Joe’s to open new UES store under Queensboro bridge

Trader Joe’s to open new UES store under Queensboro bridge
Jeff Zucker and 32 East 64th Street, Apt 3W (Credit: Getty Images)

CNN chief lists Lenox Hill co-op for $17M

CNN chief lists Lenox Hill co-op for $17M
arrow_forward_ios

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

Loading...