Nine East Village Buildings Trade in $132M Sale
By Abigail Nehring August 2, 2024 3:17 pm
reprints
Ryco Capital’s recent East Village buying spree was bigger than previously known.
The Halegua family’s Jonis Realty handed nine multifamily buildings to Ryco on Second Avenue between St. Marks Place and East 10th Street for $132 million, according to a source with knowledge of the deal and property records.
The deal includes a trio of buildings at the southeastern corner of St. Marks Place that traded for $29 million, as Commercial Observer previously reported. But the buying spree’s full scope came to light after a series of transactions signed the same day were made public this week.
The records reveal Ryco also paid Jonis $103 million to buy six buildings north of St. Marks Place from the family-owned firm, adding another 66 residential units to its new portfolio. In total, the nine buildings contain 130 residential units along with their ground-floor retail space. The second tranche of property transfers was first reported by Pincus Co.
The New York City-based Ryco was founded in 2018, and is focused on multifamily properties in neighborhoods where the housing market is tightest, according to its website.
Spokespeople for Jonis and Ryco did not respond to requests for comment.
Fairview Property Group’s John Florek brokered the $103 million portion of the deal and declined to comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
