According to Commercial Observer, three rental buildings on the Lower East Side were recently sold for about $50 million.
The transaction involved “The Coda” at 114 Ridge St., as well as two smaller buildings at 106 Ridge St. and 118 Ridge St. The purchaser was not disclosed. Judah Klausner, a composer, and Richard Freedman developed 114 Ridge St. in 2003 for $9 million, utilizing a lot they had purchased back in the 1980s.
Here’s how Eastern Consolidated has been marketing the Ridge Street “portfolio:”
The Ridge Street Portfolio is a three building, mixed-use portfolio consisting of 61 unique residential units, 3 street level retail stores and 1 community facility space. The three contiguous buildings located at 198-200 Rivington Street (aka 106-108 Ridge Street), 110-114 Ridge Street and 118 Ridge Street offer 175 feet of contiguous frontage on Ridge Street and are located on an emerging corner of the burgeoning Lower East Side. One building (110-114 Ridge Street) is a newly constructed elevator building built in 2003, and the other two are mixed-use non-stabilized walk-ups. This portfolio presents a rare opportunity for an investor to acquire a well-positioned, sizeable asset in one of Manhattan’s hottest neighborhoods, the Lower East Side.