Marolda Properties Unloads 3 Forsyth Street Tenements for $24.4M

Posted on: December 4th, 2015 at 5:17 am by

This image has been archived or removed.

72-74 Forsyth St.

​Thus continues the gentrification of vital Lower East Side parkspace.

Notorious local landowners Marolda Propertiescurrently under investigation for illicit forced removal of rent regulated tenants – just unloaded a string of pre-war tenements lining the eastern perimeter of Sara D. Roosevelt Park. The transaction netted $24.4 million, more than twice what they paid three years ago.

Marolda Properties forked over $9.8 million for the three-building package in 2012, previously owned by the same family for some three decades. Buyer of record is listed as BP Forsyth LLC, a partnership between private equity firm Black Bear Asset Management and Caspi Development, currently amidst a campaign to transform the lower Bowery into a tech sector.

This image has been archived or removed.

104 Forsyth St.

The Real Deal has the scoop:

The mid-rise buildings at 72, 74 and 104 Forsyth Street have a total of 56 rental apartments and six retail spaces. The apartments are a mix of market-rate and rent-stabilized units, with an average rent of $1,859 per month. The buildings, all of which overlook Sara D. Roosevelt Park, span more than 31,000 square feet and offer 8,400 square feet of unused air rights. The buyers acquired the package under an entity named BP Forsyth LLC, paying $773 per square foot. The price comes out to 16 times the rent roll and a 4.8 percent capitalization rate, according to Highcap Group’s Josh Goldflam, who served as the broker on this deal as well as the sales in 2012. Caspi and private equity firm Black Bear plan to renovate the properties and raise rents. They are also exploring development options, said Caspi’s Josh Caspi.

Be very afraid. “Exploring opportunities for development” is a very disconcerting statement. Likely a euphemism. After all, these low-rise tenemants are situated in a predominantly Chinese area of the Lower East Side.

Recent Stories

Lower East Side Ferry Route Permanently Reconfigured Due to Poor Ridership

Spring and summer usually see peak ridership for the city’s nascent ferry system. However, as with everything else these days, the novel coronavirus got in the way. In response to the ongoing crisis, the NYC Ferry program is reducing service by an additional 20-percent. Three routes are permanently reconfigured, including the Corlears Hook line, which […]

Scarr’s Pizza Reopens Today for Pickup and Delivery

On the sidelines for two months, Scarr’s Pizza reopens on the Lower East Side today. The popular Orchard Street pizzeria had shuttered in mid-March, just as the COVID-19 pandemic seized control of the city. Customers can order only for pickup or delivery (via Caviar); no slices. Still no word on how this extended closure ultimately […]

POP International Galleries ‘Collects for Cause’

Hello Art Lovers! This one’s for you. Starting tomorrow, and running through June 20, POP International Galleries (whose brick and mortar is 195 Bowery) will be presenting an online group charity exhibit suitably named “Collect for Cause.” The event will feature a mix of new and familiar faces. From the POP Press Release: No one […]

MooShoes Permanently Closes its LA Store Amidst COVID-19 Pandemic

Popular vegan shoe store, MooShoes, permanently closed its Los Angeles satellite earlier this month. The retail outpost had been in business on the West Coast since 2014. Six years later, it’s done in by the novel coronavirus. The shutter does not affect the Lower East Side original, which has been out of commission due to […]

Man Seriously Injured in Stabbing at Ludlow and Delancey

Cops say that a man was seriously injured in a stabbing on the fringe of Hell Square late Monday night. The twenty-something was stabbed in the “upper abdominal” area during an altercation with an unknown assailant near the northeast corner of Ludlow and Delancey Streets. The police report noted a “large pool of blood” on […]