{"id":1004119656,"date":"2015-05-19T06:39:10","date_gmt":"2015-05-19T14:39:10","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=348261"},"modified":"2020-04-07T00:24:29","modified_gmt":"2020-04-07T08:24:29","slug":"former-nba-star-four-winds-pay-50-m-for-three-les-mixed-used-buildings","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-nba-star-four-winds-pay-50-m-for-three-les-mixed-used-buildings\/","title":{"rendered":"Former NBA Star, Four Winds Pay $50 M for Three LES Mixed-Used Buildings"},"content":{"rendered":"<p><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p>A joint venture between Admiral Capital Group\u2014a real estate investment firm founded by former San Antonio Spurs star David Robinson, whose nickname was \u201cThe Admiral\u201d\u2014and Four Winds Real Estate recently picked up a portfolio of mixed-use properties located in downtown Manhattan. This transaction marks Admiral\u2019s first investment in New York City and expands Four Winds\u2019 existing multifamily portfolio on the Lower East Side, according to an official statement announcing the deal. The seller is a private investor group that owned the properties for over three decades.<\/p>\n<div id=\"attachment_348262\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/106-Ridge-Street-Lower-East-Side-Manhattan.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-348262\" title=\"106 Ridge Street - Lower East Side, Manhattan\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/106-Ridge-Street-Lower-East-Side-Manhattan.jpg\" alt=\"106 Ridge Street - Lower East Side, Manhattan\" width=\"300\" height=\"200\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">106 Ridge Street &#8211; Lower East Side, Manhattan<\/p>\n<\/div>\n<p>The portfolio consists of 61 residential units and four commercial units in three contiguous buildings at the intersection of Rivington St. and Ridge St. in the heart of the Lower East Side, with easy access to multiple subway lines and New York City\u2019s major employment centers.<\/p>\n<p>The three buildings were sold for roughly $50 million, the <em><a title=\"Commercial Observer\" href=\"https:\/\/commercialobserver.com\/\" target=\"_blank\" rel=\"nofollow\" 2015\/04\/the-coda-and-two-other-les-buildings-sell-for-50m\/\" >Commercial Observer<\/a><\/em> reported. Eastern Consolidated\u2019s Deborah Gutoff and Ronda Rogovin represented both parties in the transaction.<\/p>\n<p>The deal consists of the a six-story building located at 106 Ridge St. <a title=\"PropertyShark\" href=\"https:\/\/www.propertyshark.com\/\" target=\"_blank\" rel=\"nofollow\" mason\/OnePageReports\/report.html?propkey=2716&amp;newwindow=true\" >PropertyShark<\/a> data indicates that the 22,370-square-foot structure was completed in 1985 as a walk-up apartment building with street-level retail space. A smaller, five-story building of 9,990 square feet and located at 118 Ridge St. was completed in early 1900s, while the third asset included in the transaction sits at 110 Ridge St. and was completed in 1910 as a single-story store of 1,900 square feet. The property was rehabbed in 2003 and is known as The Coda.<\/p>\n<p>&#8220;Ridge Street provides Admiral with a unique opportunity to acquire three attractive properties in one of Manhattan&#8217;s most desirable neighborhoods,&#8221; said in a prepared statement Dan Bassichis, Admiral\u2019s managing partner and co-founder. &#8220;We have closely monitored the robust New York City multifamily market and are excited to close on our first New York property with Four Winds, which brings a track record of successfully executing similar business plans in the thriving Lower East Side,&#8221; he added.<\/p>\n<p>Click <a title=\"Market Snapshot: New York City\u2019s Booming Tech Sector Triggers Nation\u2019s Lowest Vacancy Rates\" href=\"https:\/\/www.multihousingnews.com\/\" target=\"_blank\" rel=\"nofollow\" market-data\/market-snapshot-new-york-citys-booming-tech-sector-triggers-nations-lowest-vacancy-rates\/1004119119.html\" ><strong>here<\/strong> <\/a>for more market data on <strong>New York City<\/strong>.<\/p>\n<p><em>Image courtesy of PropertyShark<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former San Antonio Spurs star David Robinson teamed up with Four Winds Real Estate to pick up a portfolio of mixed-use properties located in downtown Manhattan.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004119656","post","type-post","status-publish","format-standard","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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