Trevi Retail has made its first foray into the Mahattan apartment market after being tempted by a trophy East Side portfolio.
The company bought four properties off-loaded by Stonestreet properties as part of a portfolio sale that brought in $126.25 million.
The East Side Elevator Portfolio, consisting of one property in the East Village and four properties on the Upper East Side with a total of 267 units was sold by Massey Knakal chairman Bob Knakal with Thomas D. Gammino, Jr., Guthrie Garvin, and Michael DeCheser.
“The multifamily sector has always been the most active in the city and today is no different,ˮ said Knakal.
The interest in these properties was from every Trevi, which has so far focused its investment strategy on retail offerings, purchased the four Upper East Side buildings — 420 East 66th Street is a five-story building with 39 residential units; 336 East 81st is a six-story building with 64 residential units; 344 East 85th Street is a six-story building that contains one commercial and 64 residential units and; 404 East 88th Street is a six-story building that contains 49 residential units.
176 East 3rd Street, a six-story building located between Avenues A and B, that contains 48 residential, one professional, and one commercial unit, was purchased by investors Nader and Lisa Shalom.