NEW YORK CITY-Continuing its expansion into the Manhattan market, Long Island-based Benedict Realty Group LLC has snatched up 321 East 22^nd Street in Gramercy for $31 million, GlobeSt.com has learned. Under the deal, a source from the Great Neck, NY-based firm says in an e-mail that the company plans to renovate the lobby and common hallways of the 117-unit, mixed-use apartment building as part of the acquisition.

“We are very exited to add this building to our portfolio and to have worked with such as talented team on the seller’s side,” says Daniel Benedict, president of BRG, in a prepared statement. While the seller was not disclosed, the prior owner of the six-story elevator building is listed as Columbia 321 East 22nd, LLC, according to city records. Rents in the building range from $2,750 to $4,500, according to StreetEasy.com.

The transaction now expands BRG’s portfolio to approximately 4,500 units across the city. Nearby, the company owns multifamily properties at 327 West 21^st Street in Chelsea, 338 East 49^th Street in Sutton Place and 96-10 37th Avenue in Jackson Heights, Queens.