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15,000-SF Residential Property Sells Twice in One Week

NEW YORK CITY-The 25-unit East Village residential property has sold twice this past week. Adam Mermelstein, a principal with 518-520 East 6th St. LLC bought it from Alan Middlestof for $4.8 million, then sold it to 520-Penjan Realty in a quick turnaround.

By Michael Gilliard | Updated on May 17, 2002

NEW YORK CITY-A 15,000-sf East Village residential property located at 518-520 East Sixth St. has sold twice this past week, despite never having hit the public market. The first deal for $4.8 million closed on May 8, as Adam Mermelstein purchased the property from Alan Middlestof. Mermelstein, a member of 518-520 East 6th St LLC, then resold the property to 520-Penjan Realty LLC, according to a source close to the deal.

Adelaide Polsinelli and Perry Lee brokered both sides of the first deal on behalf of Bensen & Assoc. The second deal was negotiated principal to principal without brokers, says Polsinelli. Andy Albstein at Goldberg, Weprin & Ustin provided legal counsel for Mermelstein, sources close to the deal tell GlobeSt.com.

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