113 Stanton Street Sells for $5.3M


113 Stanton Street.
113 Stanton Street.

Pambar Realty has sold 113 Stanton Street to SMA Equities in an off-market deal for $5.3 million, Commercial Observer has learned.

Built in 1900, 113 Stanton Street is a five-story, mixed-use multifamily property on the Lower East Side. It includes four, full-floor apartments. Furniture store Las Venus occupies the ground-floor retail space, which is roughly 1,500 square feet. The rest of the building is comprised of rent-stabilized apartments with one free-market tenant, according to Town Residential.

Town’s Doug Simone and Matthew Fernandez represented Pambar Realty in the deal. Pambar Realty also owns an assemblage of buildings in Soho and Nolita. This was its first property sale since the 1990s. The building was sold in order to reinvest in another opportunity.

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The buyer, SMA Equities, has recently purchased a number of properties on the Lower East Side and in the East Village. Town declined to reveal the brokers on the buyer side.

The deal closed on Sept. 22, according to property records.

At $744 per square foot, this deal was the highest price per square foot sale in the past eight months on the Lower East Side, Town said.

“We were able to achieve the highest price per square foot in the neighborhood solely for brick and mortar,” Mr. Simone said.

The brokers said the deal moved swiftly.

“We were able to have an accepted offer within three weeks from when the owner agreed to sell the building,” Mr. Simone noted.