Source: Meadow Partners
NEW YORK, NY - Meadow Partners, an institutional middle-market real estate investor, announced that it has acquired 305 East 11th Street and 310 East 12th Street, adjacent multifamily residential buildings in the East Village for approximately $58 million. 60 Guilders, LLC, a New York City real estate management and investment firm, is Meadow’s operating partner for the property.
Located between First and Second Avenues and totaling 89 units, the elevatored buildings are connected by an 11,000 square foot courtyard. Constructed in 1940, the buildings’ studios, and one- and two-bedroom units include distinct architectural features with arched doorways and moldings. The property is ideally located near shopping, retail, nightlife, and multiple public transportation options.
Jeffrey Kaplan, Managing Partner of Meadow Partners, said, “The East Village is one of lower Manhattan’s most popular neighborhoods with a unique selection of restaurants, shopping and social life options that appeal to a diverse tenant group. This off-market transaction is a testament to Meadow’s strong relationships with leading owners and developers throughout New York City and the deep experience we bring to investing in the East Village for the past 13 years. We look forward to modernizing and enhancing the value of these properties in one of Manhattan’s most exciting neighborhoods.”
An affiliate of Cerberus Capital Management provided debt financing to support the acquisition.
The acquisition of this property marks Meadow’s ninth investment in the East Village and brings total residential units the Firm has acquired in the submarket to 430 since inception.