Kushner Cos. Sells Mixed Use Portfolio in East Village
The 79-unit portfolio traded for $41.15 million.
Kushner Cos. has sold a five-building, 79-unit mixed-use portfolio in the East Village for $41.15 million, according to Marcus & Millichap, which arranged the sale. This is the second transaction by Kushner Cos. in recent months: In December it sold a six-building portfolio for $57 million.
The Marcus & Millichap team of Joe Koicim, Logan Markley, Matthew Berger and Zan Colin of the NYM Group completed both transactions. The buyers were not named.
The 42,465-square-foot portfolio includes two tax-class-protected buildings and is 89% free market, according to Koicim. He adds that the sale “is an indication that capital is coming off the sidelines in pursuit of Manhattan multifamily assets.”
Located at 170-174 East 2nd St., 49 1/2 First Ave., 23 Ave. A, and 325 East 10th St., the portfolio consists of 73 apartments and six commercial units.