NEW YORK, NY - AMAC, a Midtown Manhattan-based real estate investment firm, has acquired 10 Rutgers Street, a mixed-used property containing 83 residential units and 7 retail spaces for $59 million in an off-market transaction. The property is located at the intersection of the Lower East Side and Two Bridges neighborhoods in downtown Manhattan. Hudson Companies, who developed the property in 1999, was the seller.
"This transaction presented an attractive opportunity to acquire a corner mixed-use property in a rapidly changing neighborhood with fantastic subway access," says Maurice Kaufman, a Founding Principal at AMAC. "Value-add investments in this submarket with this quality and scale are unique."
The eight-story property features a unit mix of studios, one- and two-bedroom units. Amenities at the elevator building include a doorman, gym, landscaped garden, and a bike room. AMAC plans to renovate the units, common areas, and amenities.
10 Rutgers Street is immediately adjacent to the East Broadway F Train station, which offers residents easy access to both Midtown Manhattan and Downtown Brooklyn. Seward Park, a 3.4-acre neighborhood park with basketball courts, volleyball courts, and playgrounds, is located directly across the street.