TARGO Capital Partners Acquires Multifamily Property In East Village For $8.7M

A multifamily property located at 519 East 6th Street in the East Village has been sold for a total of $8,700,000. The property spans across 8,395 square feet, resulting in a price per square foot of $1,036. The transaction took place on 01/25/2022.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $8,700,000
• Address: 519 East 6th Street
• Market: East Village

TARGO Capital Partners, represented by David Gleitman and Adam Basuljevic, acquired the property from Lionel Nazarian. The deal was facilitated by brokers Joe Koicim and Matt Berger from NYM Group, a division of Marcus & Millichap.

According to a note from TARGO Capital Partners, the property is fully leased and has undergone a gut renovation. It falls under the tax class 2B and was purchased at a 5.2% in-place cap rate. Situated on a prime residential block in the East Village, this acquisition marks TARGO's fourth investment in Downtown Manhattan within the past nine months. TARGO Capital Partners is actively seeking multifamily and mixed-use assets in prime Manhattan neighborhoods. For potential deals, they can be contacted at [email protected].