Ezratty, Neuman and Levy of Eastern Consolidated complete $14.6m sale

A seven-story elevator 45-unit apartment building with two stores, located at 111-115 East 7th St. in the East Village has traded for $14.65 million. Eastern Consolidated vice chairman and principal, Brian Ezratty, represented the seller, Jonis Realty, along with several other partners including Marty Neuman and Yair Levy, and procured the buyer, a client of Andrew Albstein's of Goldberg Weprin Ustin. "As the East Village becomes more and more gentrified and the rental market strengthens, this acquisition provides an excellent opportunity for tremendous upside," said Ezratty. "This was originally part of a 10-building package but with the lack of liquidity in the market it made more sense to sell a few of the buildings separately." The building is located on a quiet street next to the St. Stanislaus Church. Apartments are all either two or three bedrooms. Capital improvements have included new boiler/burner, pump, asbestos removal, a new roof, brickwork, pointing, waterproofing and apartment windows. Elizabeth Smith, Esq. of Goldberg Weprin Ustin represented the seller, while Andrew Albstein, also of Goldberg Weprin Ustin, acted on behalf of the buyer.