CBRE today announced the sale of The Retro Apartments, a 21-unit multifamily community located at 1836-44 E York Street in Philadelphia’s Fishtown/East Kensington neighborhood. Laibel Newhouse & Joel Friedman acquired the five-story apartment complex for $7.2 million.
Samantha Kupersmith and Spencer Yablon of CBRE spearheaded the marketing campaign for the building and represented the seller, Stamm Development Group.
“This property was the first project to reach completion on the York Avenue corridor. Another 800 plus units are coming to this location in the next 18-24 months,” stated Mrs. Kupersmith. “We were able to execute at a record high price per unit for the rapidly growing East Kensington neighborhood and further solidify the fundamentals of the area.”
“This is our second deal with Samantha and Spencer, and we could not be more impressed with the way that they serviced this transaction. CBRE did an excellent job from start to finish, bringing us a qualified buyer to purchase the property at a record number. Together, we were able to deliver a beautiful project to the new owner. We are excited about our continued relationship with CBRE,” added Michael Stamm, President / Chief Executive Officer.
Built in 2021, The Retro Apartments offer one, two and three-bedroom units with stainless steel appliances, luxurious matte black fixtures, and ultra-modern finishes throughout. Amenities include elevator access, bike storage and a fully furnished rooftop deck.
The Retro Apartments are conveniently located next to the York-Dauphin stop on the SEPTA Market Frankford subway line. The property is also a short walk to the shops and restaurants on both Frankford Avenue and Front Street.