Rosewood Realty Group announced the sale of a mixed-use building in the East Village for $4.4 million.
The 7,560 sq. ft. building at 337 East 9th Street, sold for a 5.6 percent cap rate or $582 per sq. ft., at a GRM of 12.94%.
The five-story building with nine residential units and two commercial stores was built in 1900.
Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both the buyer, a private investor and the seller, 337 Group LLC.
“The buyer plans to combine the vacant units to raise the in place rents,” said Khakshoor. The building is a tax class 2B building that was purchased at a great basis.”
