Dalan Management, RWN Real Estate Partners Buy Nolita Building for $14.6M
Dalan Management and RWN Real Estate Partners have partnered to purchase the residential property at 235 Elizabeth Street between East Houston Street and Prince Streets for $14.6 million, or approximately $800 per square foot, according to a press release. The seller, Gordon Chin, had owned the property with his family since 1987.
The six-story building is comprised of 18,081 square feet, with 27 residential apartments and three retail spaces. A B Biagi Coffee is one of the current tenants at the property.
“We recognized excellent value in this property and moved with great speed in order to sign up and close the transaction,” said Andy Wrublin, a principal at Dalan Management, in prepared remarks. “We are pleased to be partnering with RWN once again and this asset is a great addition to our growing portfolio of mixed-use assets in the area.”
Ari Shalam, a managing principal of RWN Real Estate Partners, added that he was “pleased with the speed and focus we were able to deliver to our partners to execute this off-market transaction in a manner appropriate for the current New York acquisition marketplace.”
George Solano of City Limits brokered the deal. Mr. Solano could not immediately be reached for comment. Daniel Altman of New York real estate law firm Belkin Burden Wenig and Goldman represented the buyers in the transaction.