PEAK Capital Acquires Mixed-Use Property In Gramercy Park For $24.3M

PEAK Capital has acquired a mixed-use property located at 229-233 E. 21st St. in the Gramercy Park market. The transaction took place on 05/03/2022, with a sale price of $24,300,000. The property spans 36,344 square feet, resulting in a price per square foot of $668. The two adjacent buildings offer 92 feet of frontage on 21st Street, positioned between 2nd and 3rd Avenues. This prime Gramercy location presents a significant opportunity for PEAK Capital.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $24,300,000
• Address: 229-233 E. 21st St., Gramercy Park
• Market: Gramercy Park

PEAK Capital's acquisition was facilitated by the sell-off of Gennaro Vendome. Brian Gladstone, David Schectman, and Abie Kassin, representing Meridian Capital Group, acted as the brokers for the deal. Simon Rosenfeld and Rael Gervis, also from Meridian Capital Group, served as mortgage brokers. This purchase marks PEAK Capital's 37th acquisition.

According to a statement from @peakcapitalre, the property offers significant potential for increasing rental income through a value-add strategy. With a heavily free market and room for improvement, PEAK Capital plans to raise rents to market levels. Additionally, PEAK Capital is actively seeking value-add multi and mixed-use properties in prime neighborhoods of Western Queens, Brooklyn, and Manhattan. For any new acquisition opportunities, interested parties can contact Alex Rabin at [email protected].