Meridian Sells 20-Unit Multifamily Building Located at 61 East 7th Street in the East Village for $8.3 Million

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Meridian Sells 20-Unit Multifamily Building Located at 61 East 7th Street in the East Village for $8.3 Million

November 6, 2017, New York, NY – Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold the 20-unit walk-up multifamily building located at 61 East 7th Street in the historic East Village neighborhood of Manhattan for $8.3 million. Meridian Managing Directors Adam Sprung and Abie Kassin, and Senior Executive Managing Director, David Schechtman represented the buyer, Sabet Management, and Steve Hornstock and Randy Modell of ABS represented the seller, the Zimmerman Family Trust.

Built in 1900, the five-story, 20-unit walk-up multifamily building is located on the north side of East 7^th Street between First and Second Avenues. Situated on a beautiful, tree-lined street where independent shops, family-owned restaurants, cafes, and gastropubs, the property possesses an old world mystique, yet offers a new world of appeal as the East Village neighborhood continues to change and grow. The building has 18 one-bedroom apartments and two two-bedroom apartments; rents average $2,100 per month.

The multifamily property is two blocks from the 6 subway line at the Astor Place station, and a short distance from the M15 bus route.  

“It was a pleasure working with the seller, Zimmerman Family Trust, the buyer, Sabet Management, and co-brokers, Steve Hornstock and Randy Modell of ABS on the sale of this beautiful, historic building in one of Manhattan’s most vibrant neighborhoods,” said Mr. Schechtman.

Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com