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NEW YORK CITY-Manhattan Property Investors Group LLP has inked a deal to acquire 228 Avenue B in the Alphabet City section of Manhattan. The investors paid seller Stevens Equities $4.4 million for the six-story residential/retail site after a three-month hold period.

The property, which is close to the 14th Street business corridor, contains 21 rental apartments and two small retail businesses on the ground floor. Peter Iucciolino and Howard Darsi of Kalmon Dolgin Affiliates arranged the sale on behalf of both the new owner and the seller. “This property has tremendous upside potential as 14th Street’s economic resurgence continues unabated,” says Iucciolino.

The sale also marks the first time in its 101-year history that Brooklyn-based Kalmon Dolgin Affiliates has delved into the Manhattan marketplace. The firm has previously focused on the boroughs, Long Island and in New Jersey. “We’re now setting our sights on mixed-use investment deals and the unlimited potential of the Manhattan market,” says Darsi. In addition to brokerage services, Kalmon Dolgin has acquired $200 million of its own real estate assets within the past year alone, primarily industrial and medical/office properties.

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