Originally constructed in 1898, the retail condo is located on the bottom floor of the 189-unit residential building. Due to the age of the property, JMC is launching a $1.8 million capital improvement plan that will target the renewal and repositioning of the eastern and western corner units, and will include capital improvements such as line-of-sight and customer access renovations for each storefront.

“Since this building was built in the late 1800s, so physically, not much has changed,” Cassin says. You’ve got storefronts and access to stores that we think can be upgraded and can be more attractive for our retail tenants, whether existing or new.”

RWN, a New York-based middle-market real estate investment firm, has also been active in the Manhattan marketplace. The firm recently partnered with Silverstone Property Group on the buy of 247 East 28^th Street, a 17-story, 128-unit mixed-use rental tower in the Kips Bay section of the borough.

Ari Shalam, managing director of RWN Real Estate, says in a statement that the Bleecker Street buy was an “opportunistic purchase” that affords the JV the “ability to renovate the property, reposition storefronts to enhance long-term value and create attractive spaces for current and future tenants.”

The expansion of NYU’s academic campus and real estate portfolio was another reason the JV liked the asset. “A lot of people who live in the residential portion of the building are NYU students,” Cassin says. “During the day, there’s a great deal of foot traffic just to and from school just because of its location. At night, what’s nice for the pharmacy, Chase and the other tenants is that you have more of a 24/7 type of activity there. That helps our retailers quite a bit they can execute their business plan for an extended day, which is harder to find in locations in New York.”

The acquisition was financed in part with an $18.5 million first mortgage from Sovereign Bank. Berko & Associates represented the sells, NTD Building LLC and JMC Holdings represented itself.