Adria Realty Investment Association has sold its six-story residential rental building in the East Village for $11.5 million, Commercial Observer has learned. The buyer, Allied XVII LLC, closed on the purchase of the 13,405-square-foot building at 103 St. Marks Place yesterday, one of the brokers on the deal said.
The building, on St. Mark’s Place between Avenue A and First Avenue, has 21 apartments and two retail spaces, both occupied by a dentist’s office, with a lease expiring next year. Only six of the residential units are free-market and the rest are rent-stablized with average monthly rents of approximately $1,500.
“The seller is a local businessman who has owned the building since the early 1980s,” said Lev Mavashev of Alpha Realty, who represented the buyer in the deal. “He is planning for retirement and decided to capitalize in this market. The buyer is a local private investor with numerous holdings in the area. When I called the buyer on this deal, he immediately recognized the opportunity to purchase a building with plenty of unrealized potential and jumped on it, especially in this location.”
Mr. Mavashev said the buyer wanted to “add to his holdings in the area.”
Alpha Realty’s Glenn Raff represented the seller in the transaction.
“The seller ran the building over the years as if it was his own home, with tremendous care,” Mr. Raff said. “The building showed beautifully, when we toured with the buyer we walked outside and he said get me this deal.”