Hudson sells $59m NYC apartment building in Two Bridges

Hudson sells $59m NYC apartment building in Two Bridges

Published at: 2018-01-09 15:30 | Author: CIJ USA
The midtown Manhattan-based real estate investment firm, AMAC, has closed on the purchase of a mixed-used property in downtown Manhattan. The $59 million, off-market deal encompasses 83 residential units and 7 retail spaces. Built in 1999, the asset is located at the intersection of the Lower East Side and Two Bridges neighborhoods at 10 Rutgers Street. AMAC plans to renovate the units in the building, along with its common areas and amenities.

Hudson Companies, who developed the building, was the vendor. "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."

Similar Stories:

Clarion Partners acquires 114W41 offices in Manhattan for $282m
Clarion Partners bought 114 West 41st Street (114W41) in Midtown Manhattan’s Bryant Park  »
Savanna acquires Manhattan retail, office building for $100m
Savanna has paid $100m for a 12-story office and retail building in Manhattan. The 126,256  »
Rybak Development secures $47.5m for Brooklyn project
Rybak Development secured a $47.5m loan for the construction of a 20-story mixed-use proje  »
Mixed-use scheme underway in historic Washington, DC, building
SGA Companies and Evergreen Private Finance have kicked off construction on a mixed-use sc  »