Marolda Unloads ‘Lorely’ Building on Rivington Street for $13.1M
This image has been archived or removed.
Notices to tenants were pasted to the doors of 7 Rivington Street at the beginning of the month. The signs together constituted the first indication that the tenement building, which houses Lorely on the ground floor, had sold into new ownership. And now public records released last week confirm as much.
Notorious landlord Marolda Properties unloaded 7 Rivington on August 28 for $13.1 million. Buyer of record is Veracity Development. In its own words, the real estate company’s strategy is to “maximize untapped value through property development, rehabilitation, repositioning and proactive management.”
The 10,000 square-foot property is mostly market rate – sixteen two-bedroom apartments with only three earmarked as rent stabilized. Average rent is $2,525. Moreover, the German beer garden Loreley has a lease that runs until 2024.
The property reportedly includes an additional 6,900 square feet of development rights.