Eli Yaghoubi, senior associate, and Jonathan Aziz, vice president of investment sales, at City Prime Realty, LLC have sold a three-building package located on the Lower East Side (72, 74, 104 Forsyth St.) for $9.8 million. The properties consist of 56 apartments and six stores.
Yaghoubi said, "What drew the buyers to the property were the below market rents of $1,047/apartment and the low price per unit. In addition to the rent multiple of 11.3x, the area is quickly transforming into the place to live in downtown Manhattan. The fact that this was an off-market transaction also made it more desirable." Tags: