Itzhaki Acquisitions and Continental Ventures bought five contiguous rental building in Murray Hill for $50 million.
The developers are planning to renovate the properties and increase the rent rolls, according to the New York Daily News. The properties — located at 360, 362, 364, 366 And 368 Third Avenue — include 53 apartments and seven ground-floor retail stores. The buildings haven’t traded hands in more than 20 years, the newspaper reported.
Besen Group’s Dan Shapiro, Matthew Garcia, and Alex Frants represented both sides of the transaction.
“This sale involved five properties and three different long-term family owners, which was complex to coordinate,”Besen’s chief executive officer Michael Besen said in a statement. He added that Itzhaki “came through with the highest offer and executed expeditiously. We look forward to seeing how they enhance the assets as they continue to grow their rental portfolio.”
Itzhaki Acquisitions’ Erez Itzhaki told the newspaper that the companies see “great opportunity in this Murray Hill neighborhood to address the large demand for rental housing and quality retail.” [NYDN] — Claire Moses