Former NBA Star, Four Winds Pay $50 M for Three LES Mixed-Used Buildings
- May 19, 2015
By Veronica Grecu, Associate Editor
A joint venture between Admiral Capital Group—a real estate investment firm founded by former San Antonio Spurs star David Robinson, whose nickname was “The Admiral”—and Four Winds Real Estate recently picked up a portfolio of mixed-use properties located in downtown Manhattan. This transaction marks Admiral’s first investment in New York City and expands Four Winds’ existing multifamily portfolio on the Lower East Side, according to an official statement announcing the deal. The seller is a private investor group that owned the properties for over three decades.
The portfolio consists of 61 residential units and four commercial units in three contiguous buildings at the intersection of Rivington St. and Ridge St. in the heart of the Lower East Side, with easy access to multiple subway lines and New York City’s major employment centers.
The three buildings were sold for roughly $50 million, the Commercial Observer reported. Eastern Consolidated’s Deborah Gutoff and Ronda Rogovin represented both parties in the transaction.
The deal consists of the a six-story building located at 106 Ridge St. PropertyShark data indicates that the 22,370-square-foot structure was completed in 1985 as a walk-up apartment building with street-level retail space. A smaller, five-story building of 9,990 square feet and located at 118 Ridge St. was completed in early 1900s, while the third asset included in the transaction sits at 110 Ridge St. and was completed in 1910 as a single-story store of 1,900 square feet. The property was rehabbed in 2003 and is known as The Coda.
“Ridge Street provides Admiral with a unique opportunity to acquire three attractive properties in one of Manhattan’s most desirable neighborhoods,” said in a prepared statement Dan Bassichis, Admiral’s managing partner and co-founder. “We have closely monitored the robust New York City multifamily market and are excited to close on our first New York property with Four Winds, which brings a track record of successfully executing similar business plans in the thriving Lower East Side,” he added.
Click here for more market data on New York City.
Image courtesy of PropertyShark