A private investor paid $4.4 million for eight apartments and two commercial units at 115 Division St., a five-story building on Manhattan’s Lower East Side.
“This neighborhood is quickly gentrifying and investors are finding they can purchase properties for lower price per square foot than more core Manhattan neighborhoods,” said James O’Leary for Marcus and Millichap, which represented the seller, Shanghai Realty Corp., and procured the buyer, 115 LES Realty, a limited liability company, according to StreetEasy.
Of the eight residential units, seven are one-bedroom and rent stabilized. The remaining one unit is a market-rate three-bedroom, two-bath unit.
“This part of the Lower East Side remains attractive to investors who can still find a decent deal even at this point in the market cycle. Store and apartment rents have continued to move up, and buildings are still a relatively good value compared to other downtown neighborhoods,” said O’Leary.