221 East Broadway Sold For $11.3 Million

The Mayflower Building, 221 East Broadway, sold last week for $11.3 million.  The six story, 1907 Beaux Arts apartment house with ground-floor retail was previously owned by David Slaven of Red Brick Properties.  This morning, he confirmed the sale, saying the transaction went through on December 27.

According to property records, 221 East Broadway last sold for $6.3 million in 2008.  In the last couple of years, new retail businesses, including Pushcart Coffee (originally Dora), Malt & Mold and Eastwood (a bar opening any day now) have taken over ground-floor retail spaces.  Slaven said he had been willing to keep commercial spaces vacant, holding out for better retail in an effort to “help gentrify” the building.  Many of the 26 apartments were renovated (14 are rent stabilized). Sleven indicated his company typically holds on to properties for three or four years.  He was motivated to close the deal before the end of the year for tax purposes.

The Mayflower had most recently been listed for $12,250,000.  The sales brochure noted that the building is only a block away from the big Seward Park development site.

The sale hasn’t hit the city’s online database just yet.  A representative for the new owner has scheduled  meetings with retail tenants in the next few days.