Avenues Equity Partners Buys Historic Henry G. Stebbins Mansion In Flatiron For $9.1M

The property asset is a multifamily building located at 2 West 16th Street in the Flatiron market of Manhattan. The sale price of the property was $9,100,000, comprising 13 residential units. The total square footage of the building is 12,750, resulting in a price per unit of $700,000 and a price per square foot of $713.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $9,100,000
• Units: 13
• Square Feet: 12,750
• Price Per Unit: $700,000
• Price Per Square Foot: $713
• Buyer: Avenues Equity Partners
• Seller: Vista Real Estate
• Brokers: Mitchell Levine, Kyle Sabath, Brandon Polakoff, Ryan McGuirl - Avison Young

Avenues Equity Partners, formerly known as East Group Capital, has acquired the historical Henry G. Stebbins Mansion, a 170-year-old building. Avenues Equity Partners plans to fully renovate the entirety of the building, including all 13 free market apartments. Additionally, Avenues Equity Partners is expanding its portfolio across Manhattan, with 50 additional units currently in contract.