Trio of Midtown South Buildings Get Snapped Up

The three adjacent properties are located on the south side of East Third Street, just off Second Avenue.

NEW YORK CITY—Anbau Enterprises has closed on the acquisition of three contiguous buildings in the heart of Manhattan’s East Village.  The properties, located at 50-58 E. 3rd St., sold for $58 million. Information on the seller, and representation for both parties, was not available at press time. The three adjacent properties are located on the south side of East Third Street just off Second Avenue, near such landmarks as Tompkins Square Park, Cooper Union, and East River Park.  The portfolio includes 71 units and totals over 52,000 gross square feet. It was acquired with an in-place cap rate of 5% with upside rent potential. “We want to augment our growing in-house condominium business by investing in New York City markets that have long-term growth potential,” says Barbara van Beuren, managing director of Anbau. “The East Village presented itself as a key candidate with its largely intact historical architecture, range of transportation options, restaurant and lifestyle.”

“We strive to make investments in New York City markets where we want to develop well-designed condominiums,” adds Arvind Bajaj, CIO of Anbau.  “We saw an inherent long-term viability in the East Village, as it is renowned for being both a great place to live and work.”