Eastern Consolidated Arranges Sale of Luxury Apartment Building on the Lower East Side
NEW YORK, NY – March 19, 2018 – Eastern Consolidated has announced the sale of a ±10,050 square foot luxury apartment building at 168 Suffolk Street on the Lower East Side for $12.82 million, which translates to $1,275 per square foot.
Peter Carillo, Senior Director and Principal at Eastern Consolidated, exclusively represented the seller 168 Suffolk St Owners LLC. Elad Dror and Tony Parks of PD Properties LLC represented the buyer, Eunhasu Corporation. Jonathan Aghravi, Managing Director and Principal, and Charles Han, Associate Director, from Eastern Consolidated’s Capital Advisory Division, arranged the buyer’s assumption of the existing mortgage.
“I originally sold this property to 168 Suffolk St Owners LLC for $5 million in 2014, and in a very short time the owner transformed it into a beautiful luxury apartment building following an extensive renovation,” Carillo said. “Working with Eastern’s Retail Leasing Division, I also arranged a long-term lease for Alex Em Fine Art gallery in the property’s ground floor space, which further enhanced the value of the asset.”
In addition to the leased ground floor retail space,168 Suffolk consists of nine, two-bedroom, free-market apartments. The building was gut renovated in 2016 which included a full interior renovation down to the studs, the installation of a new roof, and rear building extension on all floors.
Additional amenities include a shared roof deck with panoramic views, as well as lower level bike and locker storage. Apartment amenities include two bathrooms per unit, individual unit heating and cooling systems, and washers and dryers in every unit.
Located between East Houston and Stanton Streets, 168 Suffolk Street is two blocks from the F, J, M, and Z trains on Delancey Street and the 1.9 million-square-foot Essex Crossing commercial and residential development.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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