Four Winds Real Estate made a nice, tidy profit at Gotham Court, the mixed-use complex it picked up for $19 million two years ago. According to records filed with the city finance department, the firm sold the property this month for $29.1 million.
Gotham Court, shares a central courtyard. There’s a 5-story building at 152 Ludlow St. where the music club, Cake Shop, and two duplex apartments are located. The building backs up to a 7-story structure at 149-151 Essex St. with two ground floor commercial spaces and 20 rental apartments. The restaurant, Tijuana Picnic, is located in one of those commercial spaces.
In June of last year, the Real Deal reported that Four Winds was looking to flip the property for $35 million. According to the story, some of the units have been upgraded in the past couple of years:
A Jones Lang LaSalle team of Glenn Tolchin, Yoav Oelsner, Anthony Ledesma, Jason Gold and Richard Baxter has the listing. The brokers are marketing the site as a repositioning opportunity. Tolchin said he expects the net operating income to increase by 70 percent in the first years of new ownership, if renovations were to continue. “The market has improved pretty significantly,” Tolchin said.
The new owner is listed as “152 Ludlow St. LLC,” with a mailing address at HUBB NYC Property Management. According to HUBB’s website, it operates 23 residential buildings throughout the city.
Cake Shop has been in the building for a decade and has come back from the brink of financial collapse more than once. The owners put out a call for new investors a few months ago and have been trying to renegotiate their lease.