$2M per Apartment in Tribeca

Benchmark Real Estate Group paid $59.5 million for three buildings in Manhattan’s Tribeca neighborhood, with a total of 29 apartments. That works out to more than $2 million per unit.

The three buildings are part of larger portfolio of apartment properties the DH Property Holdings went under contract to buy in April. DH ultimately assigned the contract for these three properties to Benchmark.

“This area hasn’t seen a great deal of transactional activity in recent months, but buyers are still seeking quality residential properties with significant growth potential,” said Barak Jacobov for GFI Realty Services, which represented the seller, EJ Realty, as well as Benchmark.

– 41 White St. is a five-story walk-up built in 1915 with seven apartments.
– 45 White St. is seven-story elevator building with 18 apartments.
– 74 Franklin St. is a five-story walk-up with four apartments.

The retail tenants at the three buildings include Haus Alkire and Uhuru Design. The 29 residential units are more than 90% occupied.

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