The previous “Pink Sq.” constructing within the East Village has a brand new proprietor.
Atlas Capital Group snapped up the multifamily rental constructing at 250 East Houston Street for $112 million, The Actual Deal has discovered. Dermot Company and Rockwood Capital put the 13-story, 130-unit property available on the market this fall.
The property is maybe greatest identified for its former life because the “Pink Sq.” constructing. Developed within the early Nineties by Michael Shaoul and Michael Rosen, the constructing as soon as featured an 18-foot statue of Vladimir Lenin perched atop the roof — a nod, Rosen as soon as advised The New York Instances, to the neighborhood’s leftist political leanings.
That statue got here down in 2016, simply earlier than Dermot and Rockwood acquired the property for about $105 million. The brand new house owners refaced the constructing’s pink brick facade in white and invested roughly $20 million in capital enhancements, in line with advertising supplies from JLL, the place a workforce led by Rob Hinckley and Jeff Julien brokered the sale.
The acquisition marks one other step in Atlas’ New York Metropolis growth. The funding and improvement agency, based in 2006 by Jeffrey Goldberger and Andrew Cohen, just lately made popular fairness investments within the buy and pre-development of 175 Third Avenue and 205 Montague Avenue in Brooklyn and is co-developing the high-profile 80 Clarkson Street together with a senior inexpensive housing complicated at 570 Washington Avenue in Manhattan.
The Houston Avenue constructing is full of perks aimed on the neighborhood’s younger professionals, from a rooftop and landscaped courtyards to an athletic membership and tenant lounge. Roughly three-quarters of the residences function non-public balconies. The constructing is totally leased, in line with StreetEasy.
Atlas declined to remark. Representatives for Dermot and Rockwood couldn’t instantly be reached for remark.
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