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Newly Launched MOVCAP Makes Local Debut with Two East Side Assets
Cushman & Wakefield arranged the sale of 51 and 217 E. Houston St., two mixed-use properties totaling 18,475 square feet. The final sale price was $13,200,000.
The firm’s Michael F. DeCheser, Bryan F. Hurley, Robert Burton and Bobby Carrozzo represented the seller, TDJ Holdings. Newly founded real estate investment firm MOVCAP, led by Lawrence Movtady, acquired the assets in its first New York City transaction.
“Given the location and high occupancy throughout the pandemic, we were able to gain strong interest from multiple investors,” said DeCheser. “Our marketing process led to more than 20 offers for the two properties, as a package and individually, generating the highest sale price possible for our client in this recovering market.”
51 E. Houston is a 10-unit mixed-use walk-up building at the crossroads of the SoHo, NoLita and NoHo submarkets. 217 E. Houston is a nine-unit mixed-use walk-up on Manhattan’s Lower East Side.
- ◦Sale/Acquisition
