A joint venture formed between Dalan Management, RWN Real Estate Partners and Standard Property Company agreed this week to purchase the TriStar Portfolio for $49.9 million. The portfolio was marketed by a Massey Knakal team that includes James Nelson, Robert Burton, Michael DeCheser, Mitchell Levine, David Fowler, Caroline Hannigan and Matthew Nickerson.
"The combination of great retail presence with an excellent mix of free market and rent stabilized residential tenancies makes the acquisition of these five well located buildings a highly compelling investment opportunity on many levels," said the investors in a statement.
"We thought of breaking up the deal because demand was so strong for the Christopher Street building and Broome Street," said James Nelson. "But by keeping them together it was a way to move the Delancey Street buildings which were getting less interest. When you control a blockfront like that as an owner, there are a lot of interesting things you can do with the retail, so to me that was the big opportunity of the portfolio."
The portfolio of five mixed-use, downtown Manhattan buildings first came to market in November 2011 with an asking price of $60 million. The walk-up buildings, located in the West Village and Nolita and on the Lower East Side, are together known as the TriStar Portfolio. The buildings include: a six-story property with 42 apartments and four commercial units at 380-386 Broome Street; a five-story property with 13 apartments and two retail units at 9 Christopher Street; and two six-story properties with a combined 45 apartments and eight commercial spaces at 55-59 and 61-63 Delancey Street. Mr. Nelson said that though the retail accounts for about 15% of the space in the portfolio, it generates 26% of the income.
For more news and information visit Blumberg Capital Partners.
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