Davean Holdings has paid $25.5 million for a three building portfolio in the East Village. The contiguous buildings include two, five-story walk-up buildings and one, three-story walk-up.
Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both Davean Holdings and the seller, the Halegua family in the off-market deal.
The buildings, at 163-167 First Avenue, are located on the corner of 1st Avenue and East 10th Street. The buildings feature 19 apartments, seven commercial spaces and one antenna. Building 163 and 167 were built in 1900 and building 165 in 1920.
Together the buildings make up 28,224 sq. ft. with 2,960 sq. ft. of additional air rights. Fifteen units are free market and four are rent stabilized. The buildings sold for an approximate cap rate of 5% .
“The buildings are tax class protected and the buyer is planning on renovating the free-market apartments to increase the rents,” said Khakshoor. “They are also re-tenanting the retail spaces.”
Davean Holdings is a NYC-based real estate investment firm founded in 2017 by David Lloyd and Sean Lefkovits.
