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GlobeSt.com EXCLUSIVE: Alphabet City Site Changes Hands

NEW YORK CITY-In a $4.4-million transaction, Manhattan Property Investors picks up a residential/retail building in Alphabet City. The six-story building contains 21 apartments as well as ground-floor retail.

By Barbara Jarvie | Updated on June 10, 2005

NEW YORK CITY-Manhattan Property Investors Group LLP has inked a deal to acquire 228 Avenue B in the Alphabet City section of Manhattan. The investors paid seller Stevens Equities $4.4 million for the six-story residential/retail site after a three-month hold period.

The property, which is close to the 14th Street business corridor, contains 21 rental apartments and two small retail businesses on the ground floor. Peter Iucciolino and Howard Darsi of Kalmon Dolgin Affiliates arranged the sale on behalf of both the new owner and the seller. “This property has tremendous upside potential as 14th Street’s economic resurgence continues unabated,” says Iucciolino.

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