David Gleitman & Adam Basuljevic Acquire East Village Portfolio From Kushner Companies For $57M

The Interest Only East Village Portfolio 2, located at 118-120 East 4th Street, 199-203 East 4th Street, and 315 East 10th Street, has been sold in a closed transaction. This multifamily property in the East Village consists of six buildings with a total of 110 units. The sale price for the portfolio was $57,000,000, resulting in a per-unit price of $518,182. The total square footage is 59,475, equating to a price per square foot of $958.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $57,000,000
• Units: 110
• Price per Unit: $518,182
• Total Square Footage: 59,475
• Price per Square Foot: $958
• Market: East Village

The buyer of the portfolio is David Gleitman and Adam Basuljevic of TARGO Capital Partners. On the other hand, the seller was Kushner Companies. The deal was facilitated by the brokers Joe Koicim, Logan Markley, Zan Colin, and Matt Berger, who represent Marcus & Millichap.

Joe Koicim, Logan Markley, and the NYM Group achieved the full asking price for this transaction. This sale is part of a larger sale of 18 properties, with more similar opportunities still available. Interested parties can reach out to Joe Koicim at 212-430-5147 or [email protected] for more information on the other properties being sold, both with and without assumable debt.

The buyer, TARGO Capital Partners, considers this acquisition as their capstone transaction for 2023. With a lease portfolio that is fully occupied, the deal is expected to generate double-digit cash yields from day one. This is made possible by successfully assuming a 75% loan-to-value (LTV) CMBS loan, which has an interest-only payment structure at a rate of 3.77% until 2029. TARGO Capital Partners is well-capitalized and actively looking to expand its multifamily assets in prime Downtown Manhattan neighborhoods. Opportunities can be sent to [email protected].