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NEW YORK CITY-A 15,000-sf East Village residential property located at 518-520 East Sixth St. has sold twice this past week, despite never having hit the public market. The first deal for $4.8 million closed on May 8, as Adam Mermelstein purchased the property from Alan Middlestof. Mermelstein, a member of 518-520 East 6th St LLC, then resold the property to 520-Penjan Realty LLC, according to a source close to the deal.

Adelaide Polsinelli and Perry Lee brokered both sides of the first deal on behalf of Bensen & Assoc. The second deal was negotiated principal to principal without brokers, says Polsinelli. Andy Albstein at Goldberg, Weprin & Ustin provided legal counsel for Mermelstein, sources close to the deal tell GlobeSt.com.

While the second sale price was undisclosed, Polsinelli says that Middlestof originally wanted $5.5 million for the building, but that he lowered the price during negotiations. “He was waiting for someone to come along and take care of the building the way he did,” she says.

The ultimate purchaser, 520-Penjan Realty LLC, also assumes management duties for the building, Lee tells GlobeSt.com.

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