Modell’s CEO Scoops up 249 Broome Street for $22.5M

Posted on: June 21st, 2019 at 5:00 am by

The CEO of Modell’s Sporting Goods now has a $22.5 million stake in the Lower East Side.

City records show Mitchell B. Modell as the recent buyer of 249 Broome Street, which last changed hands four years ago. Modell acquired the six-story walk-up from Mark Silver through an entity called “M & M Broome Street LLC.”

Silver had spent the intervening time upgrading the multi-family tenement, rebranding 249 Broome as a luxury offering. As is often the case, longtime tenants were caught in the crossfire and organized a tenant association. They ultimately settled their disputes in 2017 (confidentially), but the long-running laundromat on the ground level didn’t survive.

With this current transaction, Silver nearly doubled his initial 2016 investment of $12.3 million.

[h/t The Real Deal]

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