Family-Owned, Eight-Building East Village Portfolio Sells for $38M
By Mark Hallum May 8, 2024 4:44 pm
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Eight mixed-use buildings in the East Village have been sold by a clan known as the Eis family to three separate buyers, according to brokers Avison Young.
The 82,245-square-foot portfolio — which has been owned by the Eis family since the 1960s — fetched a combined $38 million, Avison Young said. The eight pre-war buildings have a total of 99 apartments and nine retail spaces..
The properties include 105-109 First Avenue, which was bought by Lawrence Movtady for $13 million. 58 and 60-62 Second Avenue were purchased for a total of $11.8 million as well as 110 East First Street for $7 million by Alfred Sabetfard of the Sabet Group. Son Dinh Tran acquired 425 East Sixth Street for $3 million and 543 East Sixth Street for $3.2 million.
“Multifamily sales have accounted for half of all deals over the past four quarters in Manhattan below 96th Street,” Avison Young’s Brandon Polakoff, who represented the Eis family with Ryan McGuirl, said in a statement. “The supply-demand imbalance continues to fuel rental vacancy below 2 percent, combined with growing median rents, especially in the East Village where this portfolio was located, where median rents have reached above $4,000 a month.”
Movtady did not immediately respond to a request for comment, while Sabetfard and Tran could not be reached for comment. Lenny Eis said in a statement that the sale process went “smoothly.”
Even older multifamily assets are seeing demand from investors regardless of high interest rates, and that may be the case for the building at 110 East First Street, which is steps away from Houston Street and Katz’s Delicatessen.
Mark Hallum can be reached at mhallum@commercialobserver.com.
