By Al Barbarino
Manhattan-based Trevi Retail has laid down more than $30 million for a trio of mixed-use properties on the Upper East and West sides, city records show.
The firm purchased two adjacent, five-story buildings with roughly 18,500 s/f at 450-452 Amsterdam Ave., between West 81st and 82nd streets, for $12.4 million; and a six-story, 7,440 s/f property at 785 Madison Ave., between East 67th and 66th streets, for $17.8 million.
It’s been something of a buying spree for Trevi Retail, which has zoned in on mixed-use properties with retail space since launching just a year ago and has made more than 20 acquisitions.
Earlier this month Trevi picked up 27,000 s/f of retail space at The Cammeyer building at 650 6th Ave. in the Flatiron District, paying $40 million, in what appeared to be its priciest acquisition to date.
Among other acquisitions, in June the company paid $13.5 million for retail space at 300 West 20th Street; and in May, the firm paid $6.85 million for 155 Bleecker Street, city records show.
In March the firm scooped up 207 East 57th Street and 304 Bleecker Street for $5 million and $5.75 million, respectively; and in January Trevi paid $30 million for buildings located at 106 7th Ave. and 201 West 17th Street, records confirm.
Just after The Cammeyer purchase, Crain’s also reported that the firm has closed on 785 Madison Ave., paying close to $18 million.
The previous owner of the Amsterdam properties, Silverstone Property Group, purchased them in July 2011 for $8.1 million. Silverstone gut renovated several of the apartments and hallways in the building, adding “a couple hundred thousand to the NOI in the process,” a source said.
Silverstone did not return calls seeking comment, and the seller of the Madison Ave. building, Redding Properties, could not be reached.
Trevi Retail, run by CEO Rockie Gajwani and CIO Johnny McCarthy, did not return multiple calls seeking comment, but Gajwani told Crain’s that 785 Madison Ave. was the firm’s 19th acquisition.
It’s 22 and counting.
*this article appeared in the August 22, 2012 print edition of REW