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Forsyth Street Buildings Sold; Broker Touts Money to Be Made Through “Renovation and Deregulation”

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104 Forsyth Street.

We just reported about 435 East 12th Street, where a staircase was removed during unauthorized building renovations, stranding at least one resident.  The building is part of a portfolio owned by an investment group that, housing activists say, has fixated on this neighborhood’s rent regulated properties.   In light of this story, you might find another item in the news interesting.

This afternoon Real Estate Weekly reports that three buildings, 72, 74 and 104 Forsyth Street, have sold for $9.82 million.

In the article Highcap Group principal Josh Goldflam, who brokered the sale, is quoted as saying:

These properties offer an excellent opportunity for the new buyer to increase the rent roll through the renovation and deregulation process as the apartments become vacant… There are even a couple of rent controlled units remaining which are paying less than the monthly parking garage spots down the block.

And so it goes on the Lower East Side.

 

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