Jeff Pikus & Joshua Kaufman Of Bluestar Properties Acquire EV6 Portfolio In East Village, Manhattan For $23.45M From Seller Kessler Family

The EV6 portfolio, located in the heart of the East Village, Manhattan, has been sold in a closed transaction. The portfolio comprises six mixed-use and multi-family properties that have been owned by the Kessler Family for over 50 years. The properties include 10 retail units and 123 residential units, totaling 133 units in all. Among the residential units, 75% are either rent stabilized or rent controlled. The sale price for the portfolio was $23,450,000, resulting in a total square footage of 65,083 and a price per square foot of $360.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $23,450,000
• Address: 72 East 7th Street, 74 East 7th Street, 314 East 9th Street, 219 East 10th Street, 260 East 10th Street & 229 East 11th Street
• Market: East Village, Manhattan
• Buyer: Jeff Pikus & Joshua Kaufman - Bluestar Properties
• Seller: Kessler Family
• Brokers: Stephen R. Preuss Sr., Kevin Louie, Andreas Efthymiou & Kevin Schmitz - Ripco
• SF: 65,083
• PPSF: $360

The sale of the EV6 portfolio attracted significant interest, with over 50 signed confidentiality agreements and more than 20 offers received. Ultimately, Ripco Investment Sales identified a qualified buyer who valued the collective assemblage, mainly based on an attractive price per pound metric. The buyer took a long-term outlook on the NYC multifamily market, highlighting their confidence in the core NYC market.