AD Real Estate nabs Flatiron rental building for $30M

Milan Associates bought the 30K sf property in 2012 for $15M
October 09, 2015 09:13AM

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