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| 10 Rutgers Street at Lower East Side and Two Bridges Neighborhood, Midtown Manhattan, NYC |
NEW YORK, NY – AMAC, a
Midtown Manhattan-based real estate investment firm, has acquired 10 Rutgers Street, a mixed-used
property containing 83 residential units and 7 retail spaces for $59 million in
an off-market transaction.
The
property is located at the intersection of the Lower East Side and Two Bridges
neighborhoods in downtown Manhattan. Hudson Companies, who developed the
property in 1999, was the seller.
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| Maurice Kaufman |
“This
transaction presented an attractive opportunity to acquire a corner mixed-use
property in a rapidly changing neighborhood with fantastic subway access,” says
Maurice Kaufman, a Founding
Principal at AMAC. “Value-add investments in this submarket with this quality
and scale are unique.”
The
eight-story property features a unit mix of studios, one- and two-bedroom
units. Amenities at the elevator building include a doorman, gym, landscaped
garden, and a bike room. AMAC plans to renovate the units, common areas, and
amenities.
10
Rutgers Street is immediately adjacent to the East Broadway F Train station,
which offers residents easy access to both Midtown Manhattan and Downtown
Brooklyn. Seward Park, a 3.4-acre neighborhood park with basketball courts,
volleyball courts, and playgrounds, is located directly across the street.
New York-based Arbor Management Acquisition Company (AMAC) is a real estate investment firm founded in 2012. Since its inception, the company has successfully acquired more than 8,000 multifamily units across the country within diverse primary and secondary markets.
AMAC is actively pursuing new investment opportunities in the multifamily sector nationwide.
For all inquiries and leads, please contact: Info@AMACHoldings.com or visit our website at www.AMACHoldings.com
For more information on this transaction, please contact:
Bonnie Habyan
516-506-4615
.
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