Aby Rosen’s RFR Buys 33 Affordable Units in Cheshire Group’s Devonshire House
Liam La Guerre Aug. 20, 2015, 1:10 p.m.
RFR Holdings purchased 33 rent-regulated condo units in the Devonshire House condominium building at 28 East 10th Street between University Place and Broadway for $32.5 million.
The sale in the Greenwich Village building closed on Aug. 6, according to property records released today. There are 99 units in the property, which was converted to a condo building by Susan Hewitt’s Cheshire Group in 2010.
Cheshire Group, which purchased the building with Fred Wilpon’s Sterling Equities in December 2007 for $110 million, sold off the final piece of the building that the venture owned with the RFR transaction.
“That’s it. We’re done,” Ms. Hewitt told Commercial Observer. “The best conversions are uneventful. I describe this as a satisfying process all along. It was a lot of work. It’s a really great building and it’s a nice place to live.”
Condo units in the building tend to sell for around $2,000 to $2,450 per square foot, according to StreetEasy. Alec Baldwin and Amanda Seyfried own condos in the building, New York Observer previously reported.
Cheshire Group began renovating the building in 2008 and sold the first residential condo in 2010. There were originally 136 apartments in the building, but some where combined during the renovation, Ms. Hewitt said.
There are also eight retail condos on the building’s ground floor. They were purchased by The Brodsky Organization in 2010 for $10.35 million, as CO reported at the time.
RFR declined to comment via a spokesman.