Cornerstone Real Estate Investments has completed a $33 million sale for five adjacent apartment buildings on Elizabeth Street, just south of Houston Street, in Nolita.
Edmond Levy, principal broker at Cornerstone, represented the seller.
This is the second deal that Levy has completed on the same stretch. In 2011, he brokered a $12 million deal four blocks south for three buildings at 113, 115 and 117 Elizabeth Street. The properties contain a total of 48 apartments, 25 of which are decontrolled. Both deals involved the same seller, Marolda Properties.
“I did not have an exclusive, the building was on the open market,” said Levy. “When these kind of deals come into the market, it’s a matter of working as quickly as possible and getting to the right buyer.”
Levy said that units in all of the buildings will undergo a transformation to become much larger apartments.
“Working on the momentum of larger apartments, the formula is to take and create multiple dwelling units,” he said. “The neighborhood seems to attract a lot of young professionals that may want to share apartments.”
The buyer, Stone Street Properties, financed a $10.8 million mortgage loan through New York Community Bank in Jericho, NY, according to New York City records. Stone Street declined to comment.
Levy indicated that he has a couple of other deals in contract now, including a development site in Chelsea.
“We’re working on a whole spectrum of deals,” he said. “Whether it’s an apartment building or a development from the ground up, or an office building, we’re working on all angles.”