Investment Group Sells Gotham Court, Near Essex Crossing, For $29.1 Million, Reaping $10 Million Profit in Two Years
Investment Group Sells Gotham Court, Near Essex Crossing,
For $29.1 Million, Reaping $10 Million Profit in Two Years
NEW YORK CITY, June 22, 2015 – A partnership of two joint ventures that purchased Gotham Court (152 Ludlow St. and 149-151 Essex St.) on Manhattan’s Lower East Side for $19.1 million in 2013 has sold the properties for $29.1 million.
The principals of one joint venture include Nathan Halegua and Josh Halegua of Jonis Realty, and Martin D. Newman, an independent real estate investor. The principals of the other joint venture are David Schneiderman and Joshua Landau of Four Winds Real Estate. A JLL team of Glenn Tolchin, Yoav Oelsner, Anthony Ledesma, Jason Gold and Richard Baxter represented the partnership in the sale, along with Eric Hoberman, Esq. of law firm Kriss & Feurstein LLP.
Gotham Court, built in 2004, is situated across from the transformative Essex Crossing mixed-use development. 152 Ludlow Street is a five-story walk-up with two duplex rentals and a retail space occupied by the music venue Cake Shop. 149-151 Essex Street is a seven-story elevator building with 20 rental units and two retail spaces, which are occupied by two tenants, including the restaurant Tijuana Picnic.
After purchasing the properties in 2013, the sellers renovated a number of apartments at the two properties, and leased a vacant retail space to Tijuana Picnic.
“The partnership knew that Gotham Court had great potential when we purchased it,” says Nathan Halegua. “The area is thriving, and the renovations we implemented had a positive effect on the aesthetics of the property. It was rewarding to be involved in such a successful project.”
“This was a rare opportunity to acquire a sizable footprint in the dynamic Lower East Side neighborhood of New York City,” says Mr. Schneiderman, who is the co-founder and managing principal of Four Winds Real Estate. “Since the acquisition in 2013, the Lower East Side has continued its transformation into the cultural epicenter of New York City. Four Winds is looking forward to continued involvement in the neighborhood through its remaining portfolio of buildings.”
About Jonis Realty
Jonis Realty, founded in 1976, is a family-owned real estate firm specializing in property acquisitions, management and brokerage, whose principals are Nathan and Josh Halegua. The firm is headquartered in Great Neck, New York, and owns and operates over 50 buildings, 1,200 apartments and 50 stores throughout Manhattan, the Bronx, Brooklyn and Long Island. Citi-Urban Management is the property management division of Jonis Realty. Joshua and Nathan Halegua are also principals of EVO Real Estate Group, a member of NAI Global. For more information, please visit www.jonisrealty.com and www.citi-urban.com.
About Four Winds Real Estate
Four Winds Real Estate is a private real estate development and management company focused on investments in New York City. The co-founders and managing principals of Four Winds Real Estate are Joshua Landau and David Schneiderman. The firm is currently managing a portfolio of residential and commercial properties throughout New York City. For more information, visit www.fourwindsny.com.
About Martin D. Newman
Martin D. Newman was a practicing real estate attorney in New York City for over 30 years until he teamed up with the Halegua family. Since 1997, they have joined together and, based on current property values, have purchased, sold and managed over $300,000,000 of Manhattan real estate.