Investment Firm Acquires SoHo Mixed-Use for $43M
AV Management, a private New York based investment firm, completed the acquisition of 73-75 Sullivan St. in SoHo from a longtime SoHo developer for $43,333,000. Cushman & Wakefield’s Dylan Walsh and Nico Nicolaou represented the seller. Citizens Private Bank provided $21.6 million in competitive acquisition financing under significant time constraints.
73-75 Sullivan St. was completed in 2016 as a ground-up construction project. It features expansive layouts, modern construction vintage and long-term commercial tenancy, according to AV Management.
“This special situation transaction represents the robust opportunity set to purchase investment-grade assets at historically high yields by taking advantage of early-cycle market dynamics,” said AV Principal Ahcene Ouldsaada. “73-75 Sullivan St. capitalizes on the dislocation caused by the 2022’s historically unprecedented hike in domestic base rates. The asset was acquired at an opportunistic basis and will be held long-term as a permanent income vehicle with an option for attractive liquidity as markets normalize.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout