Benedict Realty Group has purchased 321 East 22nd Street for $31 million. HFF marketed the property for the seller, GID Investment Advisors, LLC. The building is a 117-unit, six-story multifamily property with an average unit size of 441 square feet. Commercial space at the building is currently occupied by Synergy Fitness.
The seller, GID, had a real estate portfolio of 107 properties, across 19 states as of December 31, 2011. At 35 million square feet, these include more than 22,000 residential units and 5.7 million square feet of commercial space.
It’s been a busy few months for GID. Late last month, HFF arranged its sale of a multi-housing complex in Watchung, as The Commercial Observer reported. AvalonBay Communities bought the Class A property, at One Crystal Ridge Drive, for $63 million.
BRG is located in Great Neck, N.Y. and did not return calls seeking comment about the deal.
CGaines@observer.com
