Investment Property Realty Group sells 120 Forsyth St. for $1.35 million
Manhattan, NY Investment Property Realty Group (IPRG) closed the sale of 120 Forsyth St., a mixed-use building located in the Lower East Side section of the city, for $1.35 million.
The transaction was negotiated by Christian Ingenito, Adam Lobel, Zachary Ziskin and Justin Zeitchik who represented both the seller, The Tam Family, and the buyer, The Wang Family.
The 9,618 s/f property consists of 18 rent-stabilized apartments and four commercial units. One apartment and all four commercial units – two above grade and two below grade were delivered vacant.
The property presented several challenges, including limited near-term upside, open violations and significant capital and maintenance needs related to the building’s age and condition. With all four commercial units vacant, the property also offered limited day-one cash flow, with additional income potential dependent on leasing the commercial space.
IPRG conducted an extensive marketing campaign focused on local Chinatown and Lower East Side families, investors and owner-users. The team targeted buyers positioned to capitalize on the property’s commercial and residential vacancies, including those seeking space to operate their own businesses.
The property ultimately sold to a local family with existing real estate holdings and a long-standing presence in the neighborhood. The buyer identified an opportunity to create value through the vacant commercial spaces and residential vacancy while acquiring a property in a well-established Lower East Side location.
The transaction marks IPRG’s 10th sale of a rent-stabilized building in Manhattan over the past 12 months.