Gotham Court Owner Picks up 99 Suffolk for $24.6M
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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.