Four Winds Snaps Up LES Walkup for $8.5M
Lauren Elkies Schram June 18, 2014, 4:15 p.m.
Four Winds Real Estate, a relatively new real estate development and management firm, last week closed on the purchase of a Lower East Side mixed-use walkup building, Commercial Observer has learned.
Besen & Associates‘ Lev Mavashev and Glenn Raff negotiated the off-market transaction at 207 Madison Street on behalf of Four Winds and the seller, Madison Realty Capital.
The six-story, 15,116-square-foot property, between Rutgers and Clinton Streets, has 22 residential units and one 2,100-square-foot, ground-floor retail space occupied by Latin American restaurant El Castillo de Madison. The majority of the apartments are one-bedrooms and the average rent per month is $2,069. The restaurant pays $47 per square foot in rent in a lease that expires in 2018.
“The seller acquired the asset in a distress sale in 2011 and stabilized and improved the asset,” Mr. Mavashev said in a prepared statement. “He successfully executed his plan and exited at a 5 percent cap.”