Bluestar Properties has acquired The East Village 6 portfolio in East Village for $23.45 million. The portfolio, acquired from K&T Realty Associates LLC, includes six mixed-use and multi-family properties: 72 E 7th Street, 74 E 7th Street, 314 E 9th Street, 219 E 10th Street, 260 E 10th Street, and 229 E 11th Street.
The properties have been owned by the same family for over 50 years, and 75% of the units are either rent-stabilized or rent-controlled. The buyer plans to use the portfolio as an investment. The portfolio comprises a total of 65,083 square feet with 133 units, including 10 retail units and 123 residential units.
RIPCO arranged the deal with a team led by Stephen R. Preuss Sr. and Kevin Louie. “Our team ran a competitive marketing process procuring over 50 signed confidentiality agreements and 20+ offers. Ultimately, we found a qualified buyer that valued the collective assemblage largely based on an attractive price per pound metric taking a long-term horizon viewpoint betting on NYC multifamily in a core NYC market,” said Preuss Sr.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.