-- Two contiguous, unregulated, mixed-use buildings in the East Village neighborhood of Manhattan.

Adelaide Polsinelli, Vice Chair of Compass and the newly launched investment sales division, along with Trystan Polsinelli, have successfully sold 169 & 171 First Avenue in the East Village. The final purchase price was $14 million, $1,100/sf.

“Given the current disastrous rent regulation environment, this package was highly sought after due to its unregulated status,” commented Adelaide Polsinelli. “We were able to achieve premium pricing because these buildings were not under rent regulations and have below market retail rents,” Polsinelli concluded.

The buildings are located between East 10th and East 11th Streets in the heart of the East Village.They consist of five free market residential units and two retail spaces, one of which is the original home of celebrity chef, David Chang’s first restaurant, Momofuku’s Noodle Shop.

Credited with “the rise of contemporary Asian-American cuisine” by the New York Times and named the “most important restaurant in America” by Bon Appétit magazine, The restaurant has gained world-wide recognition for its innovative take on cuisine, while supporting sustainable and responsible farmers and food purveyors.Called one of “the most influential people of the 21st century” by Esquire, David has appeared on numerous television shows, and was the first chef to be featured on the Emmy-award winning PBS television show, “The Mind of a Chef.” His cookbook, Momofuku, is a New York Times bestseller. Along with Academy Award Winning Director Morgan Neville, David is a creative force behind “Ugly Delicious,” an eight-part Netflix original documentary series about foods we love and the stories that shape them.

“The purchaser appreciated having a credit retail tenant with steady income and two solid buildings with tons of upside,” noted Trystan Polsinelli. “I wish we had more deals like this as we had a long list of buyers competing for this opportunity,” concluded Trystan Polsinelli.

ABOUT COMPASS

Compass is a technology-driven real estate platform dedicated to creating a seamless and intelligent buying, selling, and leasing experience. Combining the country’s top agents, proprietary market insights, and integrated mobile and web technologies, Compass is developing the future of real estate decision-making. With $1 Billion in revenue, and $35 Billion in sales volume, Compass has 238 offices with locations in 122 markets, including New York City, Washington DC, Boston, Miami, Los Angeles, Santa Barbara, the Hamptons, and Aspen. New funding fuels international expansion, enhanced technology developments for agents and consumers. Compass was founded by Ori Allon, who sold two previous companies to Google and Twitter, and business partner Robert Reffkin, a former White House Fellow and Chief of Staff to Goldman Sachs’ President & COO.