Alphabet City Building, Home to Cafecito, Sells for $18.35M

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183-187 Avenue C
183-187 Avenue C

 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. 

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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.