Here’s what last week’s $10M-$30M investment sales market looked like

Purchases included a nine-story apartment building in East Harlem for $23.7M

TRD NEW YORK /
Nov.November 01, 2019 05:15 PM
1890 Lexington Avenue and 22 St. Marks Place (Credit: Google Maps)

1890 Lexington Avenue and 22 St. Marks Place (Credit: Google Maps)

Here’s what New York’s $10-$30 million investment sales market looked like last week.

Just two mid-market investment sales in New York City were made public last week: L+M’s $23.7 million purchase of a nine-story apartment building in East Harlem and an LLC’s $10.7 million purchase of a five-story apartment building in the East Village. Here are the details.

1. L+M purchased 1890 Lexington Avenue in East Harlem for $23.7 million from Brookfield. The property was part of Brookfield’s Putnam portfolio, some of which L+M and Invesco had partnered to buy earlier this year for $1.2 billion. The two firms recently closed on their purchase of the portfolio with roughly $823 million in financing from Wells Fargo. The property at 1890 Lexington Avenue stands nine stories tall with 64 units. Other properties in the portfolio include 1990 Lexington Avenue, 1940 First Avenue and 1295 Fifth Avenue.

2. Park 80 Holding LLC bought 22 St. Marks Place in the East Village from 22 St. Marks Place Limited Partnership for $10.7 million. The residential property stands five stories tall with 22 units. Apartments in the building have recently rented for roughly $2,600 to $3,000 per month, according to StreetEasy.


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