‘The Crossroads’ at 10 Rutgers Sells for Whopping $59M
In a bonkers Lower East Side real estate play, the rental building at 10 Rutgers Street (at East Broadway) recently changed hands for an astonishing $59 million. The deal closed last week, according to property records, and lists the new owner as Arbor Realty Trust (aka AH 10 Rutgers LLC).
Arbor acquired the eight-story building, known as The Crossroads, from the Hudson Companies. Developed in 1999 on what was previously the St. Tereas’s Church parking lot, the complex boasts 83 apartments and 8,300 square-feet of collective retail space, including several mom-and-pop shops, an independent pharmacy, and the 12 Corners coffee shop.
“We were proud to own the Crossroads since developing it in 1999 and we wish AMAC all the best,” a Hudson spokesperson told The Real Deal.