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LES Multifamily More Than Doubles 2014 Acquisition Price
Four years after acquiring the property, 168 Suffolk St Owners LLC has traded ts namesake Lower East Side apartment building for more than twice the acquisition price. Eastern Consolidated’s Peter Carillo represented 168 Suffolk St Owners in the $12.82-million sale to Eunhasu Corporation, a deal that translates to $1,275 per square foot.
“I originally sold this property to 168 Suffolk St Owners LLC for $5 million in 2014, and in a very short time the owner transformed it into a beautiful luxury apartment building following an extensive renovation,” Carillo said. “Working with Eastern’s retail leasing division, I also arranged a long-term lease for Alex Em Fine Art gallery in the property’s ground floor space, which further enhanced the value of the asset.”
Elad Dror and Tony Parks of PD Properties LLC represented Eunhasu. Eastern’s Jonathan Aghravi and Charles Han arranged the buyer’s assumption of the existing mortgage.
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- ◦Financing
- ◦Sale/Acquisition
