News:
Brokerage
Posted: December 19, 2017
Portelli, Weiss and Corti of Highcap Group collaborate for $7 million sale of 40 Ludlow St.; Attorneys Weinberg and Kalish assist
Highcap Group
Manhattan, NY Highcap Group has completed the $7 million sale of 40 Ludlow St. located between Hester and Grand Sts. on the Lower East Side. Christen Portelli, a managing principal who represented the buyer and Jeff Weiss a senior director along with Lou Corti an associate broker represented the seller in this transaction. The sales price equates to $850 per s/f, and is the first sale in over 87 years.
This mixed-use building features Ludlow Studios on the ground floor and 16 residential units of which 11 are currently vacant. With the recent upswing in retail on Ludlow St., the Highcap team also worked to negotiate an extension on the commercial lease as the tenant was eager to remain in the space.
The difficulty of the deal was financing based on the amount of residential vacancies. According to Portelli, “There was substantial interest from many parties, but ultimately the winning bid came from a local investor that was able to close within 30 days all cash.”
Attorneys Louis Weinberg and Adam Kalish represented the buyer and seller respectively.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
