Ryco Capital Sells East Village Apartment Building for $20M

Ryco Capital has offloaded an East Village apartment building less than one year after buying it.

Ryco, through the entity West Lake 145 Second Avenue, has sold the seven-story, 24-unit residential building at 145 Second Avenue to Lockhill Properties for $20.4 million, according to city records made public Friday.

James Ryan, CEO of Ryco, signed for the seller, while Parke Leatherman signed for Lockhill, which used the entity 145 2nd Ave Owner, records show.

It’s unclear who brokered the deal. Spokespeople for Ryco and Lockhill did not immediately respond to requests for comment.

Ryco bought the building on the corner of Second Avenue and East Ninth Street in August 2024 for $20 million, property records show.

The 2024 sale was part of a larger East Village shopping spree by Ryco, which bought nine multifamily buildings on Second Avenue between St. Marks Place and East 10th Street for a combined $132 million last summer, as Commercial Observer previously reported. In total, the nine buildings contained 130 residential units along with ground-floor retail space.

Hamburger restaurant Burgerhead currently occupies the retail space at 145 Second Avenue. Apartments at the property rent for between $3,600 per month for a two-bedroom and $8,999 per month for a four-bedroom, according to StreetEasy.

The deal also comes amid recent sale activity in the East Village, including Kushner Companies’ deal to sell the residential buildings at 329-335 East Ninth Street and 516-518 East 13th Street to JSB Capital Group, Holliswood Development and Edifice Partners for $37.9 million in October.

Isabelle Durso can be reached at idurso@commercialobserver.com.