Springhouse pays $55M for Irving Place rental Midtown firm planning extensive renovation of 56-unit property at 51 Irving
Adam Verner’s Springhouse Partners is the new owner of a mixed-use Rental Building On Irving Place near Gramercy Park, having paid longtime owners the Rumpel family $55 million for the property.
The six-story, 50,000-square-foot building at 51 Irving Place, on the corner of East 17th Street, holds 56 rental units, the majority of which are market-rate. The property also has a roughly 10,000-square-foot commercial component holding five retail tenants and one office unit.
“This is a unique opportunity for us to acquire an asset that would be nearly impossible to replicate from a cost and location perspective,” Verner told The Real Deal, adding that there was an opportunity for it to be repositioned to a higher-end asset more in line with its surround上海夜网 ings.”
The property has been on the market since early last year, when the Rumpels retained an Eastern Consolidated team led by David Schechtman (now of Meridian Capital Group) to sell the building with上海千花网交友 a $62.5 million asking price. In August, the listing changed hands to Joseph Koicim and Peter Von Der Ahe of Marcus Millichap and the asking price was dropped to $56.5 million.
Springhouse s deal, however, was a direct one, with no brokers involved. Verner plans to upgrade the interiors and the façade and add new tenant amenities. While both Eastern and Marcus Mil爱上海 lichap marketed the property as a pote[……]