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BEB Grows East Harlem Presence with 1031 Buy
BEB Capital has acquired a 29-unit multifamily building at 238 E. 106th St. in East Harlem, its second deal in the neighborhood. The property was purchased from 106th Street Realty Development Corp. for $14.25 million, with tax-deferred proceeds from BEB’s recent sale of the Corinthian Parking Garage at 330 E. 38th St., also in Manhattan.
Port Washington, NY-based BEB acquired the Corinthian Garage for $10.275 million in 2009, sold it for $16 million last fall, and used Section 1031 of the IRS code for its 208 E. 106th deal. It also is building a 35-unit apartment property elsewhere in East Harlem.
“Making use of the 1031 rules enabled us to leverage our success at the Corinthian by building our presence in East Harlem, one of Manhattan’s most vibrant, up-and-coming neighborhoods,” said BEB CEO Lee Brodsky. “We are committed to using our entrepreneurial creativity to develop this emerging market.”
- ◦Sale/Acquisition
