(To read more on the multifamily market, click here.)
NEW YORK CITY-Local developer Emmut Properties picked up a vacant 4,500-sf two-family dwelling with a 2,200 sf ground-level retail component for just under $3.8 million. The seller was Betwill Inc.
The deal closed swiftly and quietly, within a week of the buyer being sourced, never hitting the open market. Situated at 137 East 13th St. between Third and Fourth avenues, the site adjacent to a dormitory operated by New York University on the former Palladium nightclub site.
Eastern Consolidated's Louis Ricci, director, represented the seller, while Eastern's Alan P. Miller, director, procured the buyer. "It's extremely rare to find vacant well-located buildings in a neighborhood as desirable as the East Village," says Miller, who recently closed on two other deals, a development site and a corner property, in the immediate vicinity.
Ricci heard through the proverbial grapevine that the owner wished to sell and was able to earmark a buyer before the property was ever formally listed with a real estate brokerage firm. The seller was represented by Iven R. Taub Esq., while the buyer was represented by Jerry S. Liebner Esq.
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