The Dermot Co. and Rockwood Capital bought 250 E. Houston St. for about $100 million. Credit: Christian Garibaldi
NEW YORK CITY—Demonstrating the cache that has developed around the East Village, The Dermot Co. and Rockwood Capital jointly have acquired 250 E. Houston St. for approximately $100 million, with BBVA Compass as the lender for a loan amount of nearly $58 million.
That purchase price puts the per unit value at nearly $770,000 for each of the property's 130 apartments—comprised of studio, one- and two-bedroom units. The 13-story rental building also includes approximately 10,000 square feet of retail. The new ownership plans to initiate renovations to the building's units, common areas and systems, as well as add amenities.
The seller—the identity of whom was unidentified at press time—was represented in the transaction by a Holliday Fenoglio Fowler sales team of senior managing director Andrew Scandalios and managing directors Jeff Julien and Rob Hinckley. HFF's debt placement team representing the buyer was led by managing director Steven Klein and director Geoff Goldstein
“250 East Houston St. is an incredible property and we are very excited to be buying it with our partner, Rockwood Capital,” says Andrew Levison, principal, director of acquisitions and asset management at The Dermot Co. “We have an exciting new program for 250 that will preserve its existing character while enhancing and modernizing its features. The building fits perfectly into our existing portfolio.”
Adds Richard Kramer, director, Rockwood Capital, “A major focus of our investment strategy is to identify properties located in evolving mixed-use neighborhoods that will increasingly benefit from convenient access to transportation and an improving retail experience. While 250 East Houston St. enjoys these dynamics today, the opportunity to implement a thoughtful renovation and enhance the property's position over time made this an appealing long-term investment.”
Located in one of New York's most dynamic and desirable neighborhoods, 250 East Houston St. is walking distance from an array of East Village and Lower East Side nightlife hot spots and popular eateries. The building is accessed by public transportation via the 4, 6, J, M, Z, B, D and F trains, as well as the M9, M21, M14A and M15 buses.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
