Multifamily Walk-Up Across from Peter Cooper Village Sells for $6.3M
Terence Cullen Nov. 4, 2015, 5:36 p.m.
Kahen Properties has paid $6.3 million for 377 First Avenue, its second residential real estate purchase in two months across the street from Peter Cooper Village, Commercial Observer has learned.
The local real estate investor bought the 6,750-square-foot building from TMK Realty 1 LLC, according to Besen & Associates. The seller, whose identity was not immediately available, had owned the building for nearly 40 years.
The five-story structure between East 22 and East 23rd Streets has eight rental apartments, of which half are currently market rate, according to the brokerage. The average monthly rent at 377 First Avenue is $1,370 per month.
There’s also 1,500 square feet of retail space in the building that is occupied by take-out joint Lucky Chicken and a Green Café, according to Besen & Associates.
“The value we achieved for the seller was nothing short of remarkable,” said Joseph Friedman of Besen & Associates who represented the buyer and seller with colleague Ishan Chhabra, in prepared remarks. “Low rents, avenue/corner location and market timing all added up to an excellent price.”
While a Besen & Associates spokesman said the new owner doesn’t have any set plans for the properties, this is the second building on First Avenue it has scooped up since September.
The company also bought the 51,540-square-foot 381-383 First Avenue, also between East 22nd and East 23rd Streets, this September for $18.5 million. Also a rental building, the property has 36 apartments and three retail units.