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.
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The three six-story mixed-use buildings contain 10 retail units and 59 residential units that range from studios to five-bedroom apartments.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
