New Investment Firm Buys 2 Buildings Along East Houston for $13M
Milano’s Bar and Mercury Lounge now have something in common (other than first initial) – a new landlord.
Nascent real estate investment firm, MOVCAP, this month scooped up 51 East Houston and 217 East Houston. Price tag for both mixed-use tenements was $13.2 million. The seller is listed as TDJ Holdings.
51 East Houston Street holds eight apartments and the old school watering hole, Milano’s, on the ground floor; number 217 is the twenty-five-year-old home of Mercury Lounge with eight units upstairs.
Regarding the beloved venues at both properties, the new ownership assures us status quo prevails.
“They are both here for the long term,” MOVCAP principal Lawrence Movtady says. “One of the reasons I was attracted to the properties was to help preserve the two iconic venues.”