A portfolio of two of the city’s hottest investments classes — mutli-family and retail — has been sold for $49.925 million.
Dalan Management Partnered with RWN Real Estate Partners and Standard Property Company to purchase the TriStar Portfolio, a package of five mixed-use, walk-up buildings in the West Village, Lower East Side, and NoLIta.
“The combination of great retail presence with an excellent mix of free market and rent stabilized residential tenancies makes the acquisition of these five well located buildings a highly compelling investment opportunity on many levels,ˮ said the investors in a statement.
James P. Nelson a partner at Massey Knakal, brought the portfolio to market with director of sales Michael DeCheser and senior vice president of sales Robert Burton on behalf of Madison Capital.
Nelson said the properties, 380-386 Broome Street, 9 Christopher Street and 55-59 & 61-63 Delancey
Street, are all well maintained, eliminating the need for substantial capital expenditures.
The portfolio stretches to 360 ft. of street combined retail frontage and comprises of a total of 100 apartments and 14 fully leased retail units.
The Delancey Street property alone controls an entire block front with exposure on Allen and Eldridge Streets.
The retail supplies strong in-place cash flow with long term upside, while the residential offers great stability and future upside potential, according to Nelson. “This was a rare opportunity for a buyer to secure several prime locations at once. They all represent the best downtown residential locations, with great long term retail upside,” said Nelson.
Attracting world renowned retailers such as Paul Frank and Rag & Bone, and restaurants such as Clinton Street Bakery and Stanton Social, these prime downtown neighborhoods boast many of the city’s best restaurants, galleries, nightlife, culture, and distinct architectural character.