NEW YORK CITY-In a 1033-exchange deal, Aegon USA Realty Advisors Inc. has become the new owner of neighboring multifamily buildings on the Upper East Side. The Iowa-based company took the deeds to the properties in a $13.2-million deal that carried a 5.4% cap rate.
Located at 313 E. 95 St. and 315 E. 95 St., the properties are six-story buildings with 75 feet of frontage along East 95th Street. The buildings total 59,410 sf and include two commercial units.
Long-term real estate investor Louis Taic of Nyre Management was the seller. Azita Aghravi, senior director of Eastern Consolidated, repped Taic--who is divesting his residential holdings with plans to enter the hotel industry. She also procured the buyer. Mark Aloia, Esq. acted in-house on behalf of Aegon USA Realty Advisors, Inc., while Steven Holm Esq. of Holm & Drath LLP acted on behalf of the seller.
Combined, the fully occupied properties contain 58 rental units, including six studios, 21 one-bedroom and 31 two-bedroom apartments, a spokeswoman for Eastern Consolidated tells GlobeSt.com. The rents average $1, 080 per month, she says, adding Aegon plans to keep both addresses as rental properties.
"This is not a typical purchase for Aegon, which generally acquires larger properties," Aghravi says. "A motivating factor for Aegon was the Upper East Side location and the proximity of the property to the proposed Second Avenue subway, which they believe will enhance the desirability and value of the rental units."
Greg Dryden, vice president-senior acquisitions officer of Aegon, adds, "This acquisition is consistent with our current strategy to actively acquire real estate throughout the United States where we find core-plus and value-added opportunities."
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