Bluestar Buys East Village MF Portfolio for $23M 

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.