130-Unit Rental Offers Prime Location and Character in Desirable East Village
The Dermot Company, in partnership with Rockwood Capital, LLC, today announced the joint-venture acquisition of 250 East Houston St. The 13-story East Village rental building – which comprises 130 studio, one- and two-bedroom apartments and approximately 10,000 square feet of retail – first opened in 1989 in what has since become one of Manhattan’s most sought-after neighborhoods. The new ownership plans to initiate renovations to the building’s units, common areas and systems, as well as add amenities that will broaden its appeal among potential residents.
The Holliday Fenoglio Fowler, L.P. (HFF) sales team representing the seller was led by senior managing director Andrew Scandalios and managing directors Jeff Julien and Rob Hinckley. HFF’s debt placement team representing the buyer was led by managing director Steven Klein and director Geoff Goldstein.
“250 East Houston St. is an incredible property and we are very excited to be buying it with our partner, Rockwood Capital, LLC,” said Andrew Levison, principal, director of acquisitions and asset management at The Dermot Company. “We have an exciting new program for the building which will preserve its existing character while enhancing and modernizing its features. 250 fits perfectly into our existing portfolio.”
Richard Kramer, Director, Rockwood Capital, LLC, said, “A major focus of our investment strategy is to identify properties located in evolving mixed-use neighborhoods that will increasingly benefit from convenient access to transportation and an improving retail experience. While 250 East Houston St. enjoys these dynamics today, the opportunity to implement a thoughtful renovation and enhance the property’s position over time made this an appealing long-term investment.”
Located in one of New York’s most dynamic and desirable neighborhoods, 250 East Houston St. is walking distance from an array of East Village and Lower East Side nightlife hot spots, including Beauty & Essex, Stanton Social, Boulton and Watt and Hotel Indigo’s new rooftop lounge, Mr. Purple. Also nearby are popular eateries such as Dirty French, Katz’s Delicatessen and Prohibition Bakery, as well as Tompkins Square Park and Hamilton Fish Park. The building is easily accessed by public transportation via the 4, 6, J, M, Z, B, D and F trains, as well as the M9, M21, M14A and M15 buses.
ABOUT THE DERMOT COMPANY:
The Dermot Company, LP is a New York based housing company with a long history of exciting transactions in the City. Formed in 1991 as a real estate investment and management company focused on multi-family sector opportunities, Dermot has evolved into a leader in upscale New York City rental living with a strong focus on hospitality in its projects. Today the company is a fully integrated firm employing 100 real estate professionals in investment, finance, management and development. Dermot currently manages nearly $2 billion in assets, and owns, hold investments in, or manages nearly 3,000 apartments.
ABOUT ROCKWOOD CAPITAL, LLC:
Rockwood Capital, LLC (“Rockwood”) is a real estate investment management firm, founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $22.6 billion of real estate through ten value-add vehicles and six separate accounts. Today, Rockwood is an 80-person real estate investment firm with offices in New York, NY, San Francisco, CA, Los Angeles, CA, and Seoul, Korea that manages a portfolio of approximately $3.5 billion of net equity value in approximately $9.0 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.
About HFF
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
