Akelius pays Marolda $24M for LES rental complex

Subsidiary of Swedish firm plans 10-year hold on three buildings

New York /
May.May 07, 2015 10:00 AM

Akelius Real Estate Management, a subsidiary of Swedish investment firm Akelius Residential Property, picked up a three-building Lower East Side rental complex from Lawrence Marolda’s Marolda Properties for $24 million.

The deal marked Akelius’ first Manhattan purchase and a continuation of its expansion into the U.S. The adjacent five- and six-story properties at 144-150 Ludlow Street, between Stanton and Rivington streets, span nearly 35,000 square feet. The majority of the 52 apartments are rent-regulated, one-bedroom units.

Rosewood Realty Group’s Billy Billitzer represented the buyer, while David Scheer, also at Rosewood, represented the seller. The property sold for $685 per square foot.

Akelius aims to hold its rental buildings, including this one, for roughly 10 years.

“We’re going to do everything we can to be good property managers,” Kunal Chothani, an executive at Akelius, said.

Marolda bought the complex in 2013 for $11.9 million and last year, sought to sell it for $32 million. The Chinatown-based landlord is in the spotlight for an investigation by the state Division of Housing and Community Renewal into allegations that it forced tenants out of rent-controlled apartments.

Akelius’ first New York City deal closed last month, when it bought two Crown Heights rental buildings from BCB Property Management, as TRD reported.


Related Articles

arrow_forward_ios
Regional banks starting to show uptick in loans, but want more borrowers (iStock)
Verizon to move to Essex Crossing in potential campus play
Verizon to move to Essex Crossing in potential campus play
Park Vista Apartment Homes is one of the four apartments in the deal (Rosewood Realty)
Sun Equity pays $100M for San Antonio apartment portfolio
Sun Equity pays $100M for San Antonio apartment portfolio
Lightstone Group CEO David Lichtenstein and 145 Bowery (Lightstone, Google Maps, Moxy Hotels)
Lightstone receives $130M construction loan for new Moxy hotel on LES
Lightstone receives $130M construction loan for new Moxy hotel on LES
159 Ludlow Street (Photo by Scott Lynch/Flickr)
Vacant Lower East Side lot once used by Banksy lists for $2.5M
Vacant Lower East Side lot once used by Banksy lists for $2.5M
Ryan Serhant and the Library (Getty, Donna Dotan / DD Reps)
Reading the Room: Sales launch at “Library” condo
Reading the Room: Sales launch at “Library” condo
60 Norfolk Street with Gotham Organization Chairman Joel Picket and CEO David Picket (Gotham/Dattner Architects)
Gotham Org lands more loans for Lower East Side development
Gotham Org lands more loans for Lower East Side development
Gotham Organization CEO David Picket and a rendering of the Broome Street Development complex (Gotham; Community at Broome)
Lower East Side affordable complex lands $162M construction loan
Lower East Side affordable complex lands $162M construction loan
Ian Schraeger’s Public Hotel at 215 Chrystie Street (Getty, Google Maps, Dolly Lenz)
Penthouse at Ian Schrager’s Public Hotel asks double 2017 sale price
Penthouse at Ian Schrager’s Public Hotel asks double 2017 sale price
arrow_forward_ios

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

Loading...