Great Neck-based A.D. Real Estate Investors added to its Manhattan portfolio with the purchase of a seven-story Flatiron rental building from Milan Associates.
The 30,000-square-foot property at 9 East 16th Street contains 15 loft units, 12 of which are market rate, according to Cushman & Wakefield, which represented both sides in the deal.
Milan bought the property in July 2012 for $15.3 million.
The building also houses a 4,300-square-foot retail space on the ground floor, which is currently home to Campeon, a Mexican restaurant and sportsbar, the Commercial Observer reported.
A.D., a multifamily investor headed by Abraham Daniels, owns and manages a handful of properties in the city, including a set of apartment buildings at 113-117 Elizabeth Street, which they bought for $26 million earlier this year. [NYO] – Ariel Stulberg