The Real Deal New York

Arbor affiliate pays $59M for LES rental building

Hudson Companies is the seller of 10 Rutgers Street
By Konrad Putzier | January 04, 2018 03:55PM

10 Rutgers Street, Hudson’s David Kramer and Arbor’s Ivan Kaufman

UPDATED, Jan. 4, 9:31 p.m.: Arbor Management Acquisition Company bought the Lower East Side rental building the Crossroads from Hudson Companies for $59 million, property records show.

The Manhattan-based firm financed the deal with a $40.75 million mortgage from Raymond James Bank. Arbor and Raymond James did not immediately respond to requests for comment.

“We were proud to own the Crossroads since developing it in 1999 and we wish AMAC all the best,” a Hudson spokesperson said.

The 75,000-square-foot, eight-story building includes 83 apartments and 8,300 square feet of retail space.

In March, Hudson sold two Brighton Beach rentals to Abro Management for $47 million. The company is currently developing a condo tower on the site of the old Brooklyn Heights public library.

Correction: An earlier version of this post falsely claimed that AMAC is Uniondale-based. It also included the wrong loan amount.