Hubb NYC, a retail real estate investment firm formerly known as Trevi Retail, picked up a Lower East Side rental complex for $29.1 million.
The sellers — a joint venture that includes principals from the Great Neck-based Jonis Realty as well as Four Winds Real Estate — bought the two-building property two years ago for $19.1 million, according to the Wall Street Journal.
Gotham Court, located at 152 Ludlow Street and 149-151 Essex Street and consistent of a townhouse with two duplex apartments and a seven-story rental building, hit the market last year for $35 million, as The Real Deal reported. Tijuana Picnic, a Mexican fusion restaurant, moved into the former location of the Laugh Lounge. Independent music venue the Cake Shop is also located in the building.
David Schneiderman and Joshua Landau founded Four Winds in 2012. Gotham Court was their first multifamily, fee-interest acquisition. [WSJ] — Claire Moses