NEW YORK, CITY—Eastern Consolidated has arranged the sale of The Ridge Street Portfolio, three contiguous mixed-use buildings on the Lower East Side, for approximately $50 million.

Deborah Gutoff, senior director and principal at Eastern Consolidated, procured the buyer — a partnership of Admiral Capital Group and Four Winds Realty — in the transaction. Senior director and principal Ronda Rogovin, along with Gutoff, represented the sellers, Judah Klausner and Richard Freedman, who owned the properties for almost 35 years.

 Located at 198-200 Rivington Street, 110-114 Ridge Street, and 118 Ridge Street, the three buildings, including the corner, span 175 feet on the Lower East Side. The portfolio includes 64,000 square feet containing 61 residential units, three retail stores, and one 6,250-square-foot community facility space, recently leased to a daycare center. 110-114 Ridge Street, also known as The Coda, is an elevator building constructed in 2003, while 198-200 Rivington Street and 118 Ridge Street are two mixed-use, free market walk ups. All properties are nearly to 100% occupied.

“This portfolio presented a great opportunity for an investor to acquire a well-positioned, sizeable asset in one of Manhattan's most popular neighborhoods,” Gutoff said. “Between the area's vivid nightlife and a seemingly unlimited supply of new restaurants and boutique stores, the Lower East Side is a popular rental choice for New York's younger professional generation.”

The Ridge Street Portfolio is located just north of the planned 1.9 million square foot Essex Crossing development, also known as Seward Park Urban Renewal Area. The buildings are in close proximity to the F, J and M subway lines.

Founded in 1981, Manhattan-based Eastern Consolidated is a full-service real estate investment services firm, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients.