Penn South Capital Acquires East Village Portfolio For $41.15M From Seller Kushner Companies

The East Village in Manhattan has witnessed another successful multifamily property sale, with the interest-only East Village Portfolio 1 fetching a remarkable price of $41,150,000. The portfolio consists of four properties located at 170-174 East 2nd Street, 325 East 10th Street, 49 1/2 First Avenue, and 23 Avenue A. The combined square footage of these properties is 42,465, and the per square foot price is $969. The portfolio comprises 79 units, resulting in an average price per unit of $520,886. The buyer, Penn South Capital, represented by Parag Sawhney and Raymond Chera, has acquired these properties from the seller, Kushner Companies.

Summary of Transaction Details:

• Property Type: Multifamily
• Transaction Amount: $41,150,000
• Units: 79
• Price Per Unit: $520,886
• Total Square Footage: 42,465
• Price Per Square Foot: $969

The successful transaction was facilitated by the New York Multifamily Team at Marcus & Millichap, with brokers Joe Koicim, Logan Markley, Zan Colin, and Matt Berger representing the buyer and seller in the deal. It is worth noting that the East Village has seen significant multifamily property sales recently, with the Marcus & Millichap team completing a total of $117,650,000 in sales within the neighborhood in the past three months. For additional available inventory or further information, interested parties can reach out to Joe Koicim at [email protected].