LES Walkup Across From W’burg Bridge Sells for $7.45M
Lauren Elkies Schram June 3, 2014, 7:45 a.m.
An 11,261-square-foot, five-story walkup property at 174 Delancey Street, between Clinton and Attorney Streets, has sold for $7.45 million, Commercial Observer has learned. The buildings—one facing Delancey and the other in the rear of the lot, across a shared courtyard—include 22 one-bedroom apartments and two newly renovated 700-square-foot ground-floor retail spaces occupied by Pizza Italian and Bike Man.
Apartment rents average $1,436 per month and retail rents average $69 per foot.
The seller, A.D. Real Estate Investors, a Great Neck-based multifamily owner and investor, bought the property in 2011 for $2.5 million, according to property records.
The buyer of the property was 146 W. 120th St., LLC, an out-of-state investor.
“The purchaser recognized the ongoing evolution of this location and was pleased to acquire this asset to satisfy a 1031 exchange requirement,” said Besen & Associates‘ Shallini Mehra in a prepared statement. She and colleagues Lev Mavashev and Alan Zucco negotiated the deal. The buyer had sold two walkup buildings in Harlem, and the Delancey Street building was the replacement property to satisfy 1031.