Four-building St. Mark’s Place multifamily portfolio under contract for $44M

Properties hold 80 apartments and new Mamoun's Falafel outpost

New York /
Feb.February 23, 2016 08:00 AM

UPDATED, Feb. 23, 9:04 a.m.: Investor Elliot Sohayegh is in contract to buy a package of four adjacent rental buildings along St. Mark’s Place in the East Village for $44 million, or nearly $760 per square foot, sources told The Real Deal.

The walk-ups at 28-34 St. Mark’s Place, between Second and Third avenues, collectively span 58,000 square feet and 80 residential rental units. Each building boasts a ground-floor retail space, with tenants such as Afghani restaurant Khyber Pass and dollar-slice pizza chain 2 Bros. In December, Mamoun’s Falafel signed a 10-year lease for 1,400 square feet at 30 St. Mark’s Place — and is relocating from 22 St. Mark’s Place.

Asking rents for retail on the block are about $250 per square foot. Meanwhile, a market-rate apartment at one of the buildings rents for $3,200 per month on average, according to StreetEasy. About 40 percent of the apartments are market-rate units; the rest are rent-stabilized.

The deal is expected to close in the next couple months, sources said.

The seller is an investor affiliated with the entity St. Marks Assets Inc., which has owned the buildings since the late 1970s, property records show.

Skyline Properties’ Robert Khodadadian, who is brokering the deal, declined to comment, as did Sohayegh.

The buyer-to-be is planning renovations, sources said.

Sohayegh’s Village holdings include a six-story rental building at 107 Christopher Street that he acquired for $11.9 million in 2011, records show.

The properties occupy a stretch of St. Mark’s Place between Second and Third avenues. Elsewhere on the street, a landmarked townhouse at 4 St. Mark’s Place that was once owned by founding father Alexander Hamilton’s son hit the market in November for $11.9 million.


Related Articles

arrow_forward_ios
From left: Lorcan Otway, 78-80 St. Marks Place, David Aviram (IMDB, Google Maps, LinkedIn)
Hardball lender Maverick seeks foreclosure sale on historic East Village theater
Hardball lender Maverick seeks foreclosure sale on historic East Village theater
Lawsuit over debt haunts effort to sell retail condo at 808 Broadway
Lawsuit over debt haunts effort to sell retail condo at 808 Broadway
Lawsuit over debt haunts effort to sell retail condo at 808 Broadway
50-58 East 3rd Street and Gaia Real Estate CEO Danny Fishman (LinkedIn)
Gaia gets back in the game with $50M East Village acquisition
Gaia gets back in the game with $50M East Village acquisition
1 St. Mark’s Place heads for foreclosure
1 St. Mark’s Place heads for foreclosure
1 St. Mark’s Place heads for foreclosure
Airbnb CEO Brian Chesky, 536 East 14th Street, Mayor Bill de Blasio and 412 West 49th Street (Getty, Google Maps)
City settles two Airbnb rental lawsuits for $1.2 million
City settles two Airbnb rental lawsuits for $1.2 million
SL Green CEO Marc Holliday with 461 Fifth Avenue and 220 East 197th Street in Fordham (SL Green, Google Maps)
SL Green pays $28M for full control of Midtown office building
SL Green pays $28M for full control of Midtown office building
Vornado CEO Steve Roth and 770 Broadway (Getty, Vornado)
Astor Place Kmart to be replaced by grocery store: sources
Astor Place Kmart to be replaced by grocery store: sources
Christodora House at 143 Avenue B (Google Maps, iStock)
Condo board to staff: Get vaccinated or get lost
Condo board to staff: Get vaccinated or get lost
arrow_forward_ios

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

Loading...