Gotham Court Owner Picks up 99 Suffolk for $24.6M

Posted on: April 12th, 2016 at 5:13 am by

This image has been archived or removed.

99 Suffolk Street, February 2015

The owner behind Gotham Court on Ludlow Street just scooped up another rental property a few blocks away. Hubb NYC purchased luxury rental building 99 Suffolk Street – erected back in 2003 – earlier this month for $24.6 million.

The eight-story mixed-use building is home to forty units and the recently-opened Elements Preschool. In the original marketing materials, Cushman & Wakefield, the broker who arranged the deal, noted the possibility of condo conversion. It’ll be interesting to see what happens next.

“There is very low stock of newer elevator buildings in the Lower East Side,” Michael DeCheser of Cushman & Wakefield told the Commercial Observer. “Needless to say, we had no shortage of interested buyers who saw the property’s upside potential of rents in the near term. Ultimately, the highest and best buyer prevailed to everyone’s benefit.”

That’s some quality spin work. 99 Suffolk Street sat on the market for more than a year at a $26 million ask. Closing price is more than a million less.

Hubb NYC also owns Gotham Court, several tenants of which have made life difficult for neighbors with balcony barbecues and the like.

Recent Stories

DOT Announces More ‘Asphalt Art’ for Chinatown Seasonal Streets

For the second year running, Doyers Street is the recipient of the alliterative Asphalt Art. The Department of Transportation’s Temporary Art Program (DOT Art) is again joining forces with the Chinatown Partnership to paint the former “Bloody Angle.” Hangzhou artist Chen Dongfan was the first to paint the area last July, imparting a 4,851 square-foot mural […]

Cactus Store Returns Saturday for Third Season on Essex Street

Unless (or until) development takes hold at 5 Essex Street, the annual cactus retail setup will continue. For the third year running, the Los Angeles-based Cactus Store is set to return this season. Ownership confirmed the plans, and relayed an opening date of this Saturday (May 25). All the infrastructure is still in place, including […]

Essex Market Vendor ‘Rainbo’s Fish Market’ Retires After More than 40 Years

With all the fanfare the last couple weeks for the new Essex Street Market, it was pretty easy to miss the loss of two longtime vendors. At the end of April, shortly before the move across Delancey to Essex Crossing, the decades-old Rainbo’s fish market and sister vendor Tra La La Juice Bar both called […]

Aging Cooling System Blamed for Reduced Services at Hamilton Fish Park Library this Summer

With summer fast approaching, the NYPL’s Hamilton Fish Park branch staff is taking steps to ensure they don’t find themselves in a Fahrenheit 451 situation. Due to an aging cooling system, the library is reducing its services, as well as downsizing its footprint for the summer. A few portable air conditioning units will cool a […]

CC’s Cafe Space on Monroe Street Hits the Market

CC’s Cafe on Monroe Street might not last. Rumors of its demise – aka the owner wanting to surrender – have appeared over the last couple years. But now it appears more likely. This retail listing on Craigslist for the 700 square-foot restaurant space went live several days ago. Asking rent is $6,500 per month. According […]