Massey Knakal sells TriStar Portfolio - Five Mixed-Use Buildings In West Village, Lower East Side, & NoLIta
TheTriStar Portfolio, which consists of five mixed-use, walk-up buildings in the most desirable downtown neighborhoods: The West Village, The Lower East Side, and NoLIta, was sold in an all-cash transaction valued at $49,925,000. The properties were purchased by a joint venture between RWN Real Estate Partners, Dalan Management and Standard Property Company.
The properties, 380-386 Broome Street, 9 Christopher Street and 55-59 & 61-63 Delancey Street (AKA 105 Allen Street and 142-44 Eldridge Street), have been well maintained, eliminating the need for substantial capital expenditures.
The portfolio stretches to 360’ of street combined retail frontage and comprises of a total of 100 residential units and 14 fully leased retail units. The Delancey Street property alone controls an entire block front with valuable exposure on Allen and Eldridge Streets. The retail supplies strong in-place cash flow with long term upside, while the residential offers great stability and future upside potential.
Daniel Wrublin, President of Dalan Management and Ari Shalam, Managing Director of RWN Real Estate Partners jointly commented "The combination of great retail presence with an excellent mix of free market and rent stabilized residential tenancies makes the acquisition of these five well located buildings a highly compelling investment opportunity on many levels."
Attracting world renowned retailers such as Paul Frank and Rag & Bone, and restaurants such as Clinton Street Bakery and Stanton Social, these prime downtown neighborhoods boast many of the city’s best restaurants, galleries, nightlife, culture, and distinct architectural character.
In addition to the diversity of services and amenities, each of the buildings in the TriStar Portfolio has excellent access to all major subways lines and highways.
“This was a rare opportunity for a buyer to secure several prime locations at once. They all represent the best downtown residential locations, with great long term retail upside,” said Massey Knakal Partner James P. Nelson, who exclusively handled this transaction with Director of Sales Michael DeCheser and Senior Vice President of Sales Robert Burton.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.