Mactaggart Family & Partners Picks Up Little Italy, Two Bridges Buildings for $23M

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Mactaggart Family & Partners, the co-investment platform of family office/property group Western Heritable, and two partners have acquired three multifamily properties in Little Italy and Two Bridges for $22.7 million, Commercial Observer has learned.

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The family office, along with Abe Cohen, a partner and founder of retail landlord Conway Capital, and Steven Rosenberg, a managing partner at Blackrock Title Group, closed yesterday on the purchase of 119 Baxter Street, 110 Madison Street and 33 Henry Street, according to information provided by HKS Real Estate Advisors, which secured financing on behalf of the group. (Coehn and Rosenberg did the deal as private investors.)

The roughly 34,000-square-foot portfolio includes dozens of rental apartments and five commercial units. The new owners plan to renovate and reconfigure some of the residential units.

33Henry110Madison2 Mactaggart Family & Partners Picks Up Little Italy, Two Bridges Buildings for $23M
33 Henry Street, left, and 110 Madison Street. Photos: CoStar Group

The sellers are a private family, which HKS declined to identify. There were no investment sales brokers involved in the off-market deal, per an HKS spokeswoman.

The building 119 Baxter Street in Little Italy is six stories with 10 apartments and spans 10,074 square feet, CoStar Group data indicate. At 110 Madison Street in Two Bridges, there are 25 apartments in the six-story building that amasses 16,173 square feet. And 33 Henry Street in Two Bridges is a five-story, 15-unit property that is 8,360 square feet.

Ayush Kapahi of HKS secured about $17 million in financing from Capital Source. The 36 month, non-recourse loan will be used to bridge the properties from renovation through lease up and stabilization, Kapahi said. The borrowers will pay an interest rate of Libor plus 2.55 percent, the HKS spokeswoman indicated.