NEW YORK CITY—Broad Street Development and Crow Holdings acquired a 208-unit residential portfolio in Gramercy Park, marketed by HFF, for $85 million. The joint venture purchased the mid-rise multi-family properties located at 210 East 22nd Street and 220 East 22nd Street, from GID Investment Advisors LLC.
The HFF investment sales team representing GID was led by senior managing directors Andrew Scandalios and Jose Cruz and directors Jeffrey Julien and Kevin O’Hearn. Senior managing director Mike Tepedino and associate director Michael Gigliotti of HFF arranged the financing. Nationwide Insurance Fixed Rate Debt provided the mortgage for the acquisition. David Israni, managing director at BSD, worked with the team on key aspects of the transaction.
BSD and Crow Holdings will embark on a $2 million renovation campaign making aesthetic and operational improvements to maximize the properties’ rental value. The portfolio consists of two fully-occupied mid-rise buildings, Gramercy West (210 E 22nd Street) and Gramercy Central (220 E 22nd Street) between Second and Third Avenues. The properties are mainly comprised of studio and one-bedroom units with multiple floor plans.
