The Real Deal New York

Midtown Equities selling LES rental building it just developed

Schwalbe family in contract to pay nearly $40M for 155 Attorney Street
By Mark Maurer | March 06, 2018 04:55PM

155 Attorney Street, Joseph Cayre and Robert Schwalbe

Just a year after completing a Lower East Side rental project, Midtown Equities has entered contract to sell the building to the Schwalbe family for nearly $40 million, sources told The Real Deal.

The multifamily market has been heating up after a significant slowdown in dollar volume through much of 2017.

The seven-story, 37-unit luxury rental property at 155 Attorney Street, just south of East Houston Street, launched leasing in February 2016.  Midtown Equities, led by Joseph Cayre, acquired the site for $15 million in 2013. The apartments are a mix of one- and two-bedrooms, with rents ranging from $3,400 per month to $5,700 per month.

The price per unit for the sale would come out to about $1 million per unit.

The Schwalbe family is tacking on another asset after the recent sale of a NoMad office building at 149 Madison Avenue to Columbia Property Trust for $88 million.

Eastdil Secured, which is also marketing the nearby Hotel Indigo Lower East Side and a large, new rental building called Hudson Lights in Fort Lee, New Jersey, is brokering the sale.

Midtown and Eastdil declined to comment, and the Schwalbe family could not be reached.

Elsewhere in the Manhattan multifamily market, A&E Real Estate Holdings entered contract this month for Stonehenge Village on the Upper West Side and the Jack Parker Corporation put a 2,000-unit-plus package on the market.