TARGO Capital Partners Acquires Multifamily Property On Lower East Side For $21.25M

Located in the Lower East Side, the multifamily property at 182-184 Stanton Street was recently sold in a transaction. The asset consists of a corner building with a total of 18 fully leased units. The property is 100% free market, offering attractive investment potential.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $21,250,000
• Date: 12/20/2021
• Address: 182-184 Stanton Street
• Market: Lower East Side
• Gross Square Footage: 24,296
• Price per Square Foot: $875
• Capitalization Rate: 4.6%

TARGO Capital Partners, represented by David Gleitman and Adam Basuljevic, acquired the property from Centennial Properties NY, represented by Jake Croman. The deal was facilitated by brokers James Nelson, Brandon Polakoff, Alexandra Marolda, and Ryan McGuirl of Avison Young. The transaction closed swiftly within just 6 days.

TARGO Capital Partners expressed their satisfaction with the purchase, highlighting the fact that this marks their third acquisition in Downtown Manhattan in the past eight months. They specifically sought out multifamily and mixed-use assets in prime Manhattan neighborhoods. For any potential deals, they can be reached at [email protected].