Goldflam of Highcap completes $13.1 million sale on behalf of Marolda Properties

Manhattan, NY Josh Goldflam, managing principal of Manhattan-based investment sales firm Highcap Group, arranged the sale of 7 Rivington St. for $13.1 million. The seller was the active landlord Marolda Properties, and the buyer was a local private investor,who remains anonymous under the entity 7 Rivington LLC. 7 Rivington St. is situated on the Lower East Side on Rivington St. between the Bowery and Chrystie St. The property is a five-story walk-up building built in 1900 with 9,800 s/f and 28 feet of frontage on Rivington St. The ground floor retail store is home to Loreley Restaurant & Biergarden, and the upstairs floors contain 16 two-bedroom apartments. With a C6-1 zoning, the property can accommodate an additional 6,900 s/f of development rights. Goldflam said, “The buyer picked up a solid building in an excellent location where he will be able to renovate the apartments to a higher luxury standard and really be in a position to increase the rent roll and return on his investment. The seller got a great cap-rate on his current cash flow and was able to transact with a fast moving buyer who closed the transaction in under 60 days with no contingencies.”