Alphabet City Building, Home to Cafecito, Sells for $18.35M
Darwin Management LLC has sold its property at 183-187 Avenue C to private investor Nader Shalom for $18.35 million, Commercial Observer has learned. The deal includes over 1,000 square feet of air rights.
The 24,534-square-foot, six-story, mixed-use building was built in 1910 and includes 43 apartments and three commercial units. Neighborhood Cuban cafe Cafecito is a tenant, as well as a dry cleaner and a bodega. The building also enjoys 1,090 square feet of air rights.
Rosewood Realty Group‘s Aaron Jungreis represented both sides in the deal. The sale closed two weeks ago.
“The new owner will realize a lot of long term upside because of the great potential on the residential and commercial rents,” said Mr. Jungreis in a prepared statement. “It was a relatively quick deal and the buyer facilitated a 1031 exchange for this deal.”
The buyer plans on doing renovations on the building, a spokeswoman for Rosewood said.