Chatam Management Sells Two Chinatown Buildings for $9M
By Lauren Elkies Schram June 12, 2015 4:07 pm
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Windward Real Estate has picked up two contiguous apartment buildings with a total of 35 apartments at 51 and 53 Monroe Street in Chinatown for $9 million, Commercial Observer has learned.
Chatam Management, the seller, bought the two five-story rent-stabilized walkup buildings in May 2012 for $4.4 million, property records show. They amass 19,260 square feet with 35 apartments. The average monthly rent is $1,025 per unit.
“The seller made some improvements and capitalized on market timing to profit handsomely on the sale,” Besen & Associates‘ Amit Doshi said in prepared remarks. Eric Lupo of Friedman-Roth added: “The buyer got to acquire two 25 footers for $4.5 million apiece, which is very hard to come by south of 96th Street these days.” Mr. Doshi represented the seller and Mr. Lupo represented the purchaser.
The sale closed May 27, property records indicate.
