FOUR WINDS REAL ESTATE JV – Partners pocket $10 million on LES investment

Kriss & Feuerstein LLP represented the seller in this transaction.

AS SEEN IN REAL ESTATE WEEKLY

A partnership of two joint ventures that purchased Gotham Court (152 Ludlow St. and 149-151 Essex St.) on Manhattan’s Lower East Side for $19.1 million in 2013 has sold the properties for $29.1 million.

The principals of one joint venture include Nathan Halegua and Josh Halegua of Jonis Realty, and Martin D. Newman, an independent real estate investor.The principals of the other joint venture are David Schneiderman and Joshua Landau of Four Winds Real Estate.

A JLL team of Glenn Tolchin, Yoav Oelsner, Anthony Ledesma, Jason Gold and Richard Baxter represented the partnership in the sale, along with Eric Hoberman, Esq. of law firm Kriss & Feurstein LLP. The purchaser was HUBB, NYC.

Gotham Court, built in 2004, is situated across from the Essex Crossing mixed-use development. 152 Ludlow Street is a five-story walk-up with two duplex rentals and a retail space occupied by the music venue, Cake Shop.

149-151 Essex Street is a seven-story elevator building with 20 rental units and two retail spaces, which are occupied by two tenants, including the restaurant Tijuana Picnic.

After purchasing the properties in 2013, the sellers renovated a number of apartments at the two properties, and leased a vacant retail space to Tijuana Picnic.

“This was a rare opportunity to acquire a sizable footprint in the dynamic Lower East Side neighborhood of New York City,” said Schneiderman, the co-founder and managing principal of Four Winds Real Estate. “Since the acquisition in 2013, the Lower East Side has continued its transformation into the cultural epicenter of New York City.”

See this article in Real Estate Weekly