Rubin Margules, President of the New York Areas, ARM Realty, has sold a property in Manhattan’s East Village neighborhood for $26.5 million, the Real Deal reported.
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The property had been listed at as much as $27.5 million and the buyer was not identified.
The residential rental apartment building, located at 20 Avenue A, at the corner of East 2nd Street, was owned by Margules for more than thirty years. The white building has five floors and a total of 42, 275 square feet which includes 33 studio apartments and 27 one bedroom units. A Chase bank branch occupies its retail space on the street level.
It is just five blocks away from Tompkins Square Park.
Joseph Koicim, one of the agents who represented Margules in the transaction was quoted as saying, “Given the fact the building was fully rent-regulated, many prospective purchasers had a rough time wrapping their arms around this asset. But we were able to procure a buyer who paid within ten percent of our asking price and plans to hold this long-term.”
The East Village, which, until the 1970s was still considered part of the Lowe East Side, lies between Houston Street to the South and 14th Street to the North.
Arm Capital Resources Inc is a privately held company established in 1997 and based in Brooklyn, NY. It specializes in the ownership and management of rental apartment buildings.