$1M-Per-Apartment for East Village Building

Shorenstein Company paid $57 million to buy 200 E. 11th St., a 54-unit apartment building in Manhattan’s East Village.

The price works out to more than $1-million-per-unit for the newly renovated one-, two- and three-bedroom apartments, which all rent at market prices well above the level restricted by rent stabilization.

HFF marketed the property on behalf of the seller, Benchmark Real Estate Group, and procured the buyer, in addition to helping the buyer arrange $31 million in acquisition financing from Helaba.

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