Glaser and Schneider of Eastern Consolidated represent seller in $6.7 million sale

A 38-unit, 19,500 s/f apartment building with four retail stores located at 234-236 Mulberry St., in NoLita, has traded for $6.7 million. Eastern Consolidated directors Daniel Glaser and Sam Schneider represented the seller, the Weiss family, long time owners, and also procured the buyer, Aghajun Holdings, LLC, a private real estate family. The attorneys were Richard Kaplowitz, Esq., Kaplowitz and Kaplowitz LLP for the seller, and Ira Nesenoff, Esq., Nesenoff and Miltenberg LLP for the buyer. "One factor that drove the transaction was its sought-after NoLita location," said Glaser. "Also, compelling was that there is tremendous financial upside for the new buyer in terms of residential and retail rental income." "There was a serious bidding war for this property," said Schneider, "but our client succeeded because he was in a position to close in ten days time, offering all cash." The one-bedroom apartments in the 50-ft. wide, five-story property situated between Spring and Prince Sts., are all rent regulated; 33 are rent stabilized, four are rent-controlled and one is vacant. Three of the stores are leased, two to apparel retailers, one to an acupuncturist, and the fourth is vacant.