Bluestar Properties has recently acquired The East Village 6 portfolio in the highly sought-after neighborhood of East Village for a total of $23.45 million. This impressive portfolio, previously owned by K&T Realty Associates LLC, consists of six mixed-use and multi-family properties: 72 E 7th Street, 74 E 7th Street,314 E9th Street,219E10thStreet ,260E10 thStreet,and229E11 thStreet.
With over half a century under the same family’s ownership,the majority (75%)of these units are either rent-stabilized or rent-controlled. Bluestar Properties intends to utilize this acquisition as an investment opportunity.The combined square footage for all six properties is an impressive65 ,083square feet witha totalof133units–including ten retail spaces and123residential units.
The deal was successfully negotiated by RIPCO’s team led by Stephen R.Preuss Sr.and Kevin Louie.”Our team conducted a competitive marketing process that resulted in over50signed confidentiality agreements and more than20offers.We ultimately secured a qualified buyer who recognized the value of this collective assemblage based on its attractive price per pound metric.They took into consideration long-term prospects while betting on NYC multifamily within one of its core markets,” stated Preuss Sr.about their role in facilitating this transaction.
This recent purchase made by Bluestar marks another successful venture for them without any mention to Connect CRE or any other specific entities involved.
