Ryco Capital Buys Mixed Use Portfolio in East Village
It paid $29 million for three mixed-use assets.
Ryco Capital has acquired three mixed-use assets in Manhattan’s East Village paying $29 million to Jonis Realty for the 42,000-square foot portfolio. The properties are located at 127-129 Second Avenue and 36 Saint Marks Place and the deal was brokered by Marcus & Millichap.
“The East Village is a supply-constrained rental market that has consistently provided owners with higher annual rent growth than nearly every other New York City submarket,” said Joe Koicim of the NYM Group of Marcus & Millichap in Manhattan. “This submarket has been reflective of the overall strength of New York City’s rental market, which began the year with vacancy at 1.8%.”
Koicim and Marcus & Millichap’s Logan Markley, Zan Colin and Matt Berger represented the seller and procured the buyer.
The three six-story mixed-use buildings contain 10 retail units and 59 residential units that range from studios to five-bedroom apartments.