Beck Street Capital Announces Sale of 19 Greenwich Avenue for $6.8 Million
NEW YORK, Aug. 30 /PRNewswire/ -- Beck Street Capital, a private real estate investment firm, today announced that it has closed on the sale of 19 Greenwich Avenue for $6.8 million. 19 Greenwich Avenue, acquired in 2006, is a five-story mixed-use asset located in the heart of the West Village. The purchase and sale of this asset epitomizes the Company's investment program which focuses on identifying properties in dense urban markets with high barriers to entry that offer the opportunity for value creation.
"The successful sale of 19 Greenwich Avenue is an excellent example of our disciplined and focused approach to value creation for our properties while maximizing value for our investors. In the time that we owned the building, our retenanting and renovation programs resulted in an increase in the asset's net operating income of roughly 2.4 times," said Kevin Comer, Senior Managing Director of Beck Street Capital. "We continue to seek opportunities to invest in high value-add mixed-use properties on a larger scale that offer opportunities for Beck Street to earn above average returns."
James Nelson of Massey Knakal represented Beck Street Capital in the sale transaction and Rosa Murphy from Halstead Property represented the foreign buyer. Nelson stated, "This sale certainly speaks to the role that foreign investors have played in the recovering New York City market. This is my third sale to an Asian buyer in the last few months. Foreign buyers have been attracted to the relative higher yields and the stability that New York City has to offer."
19 Greenwich Avenue is a mixed-use residential and retail asset featuring 12 apartments, many with stunning park views, and SweetiePie Restaurant as the ground floor tenant. The building, adjacent to Jefferson Market Park, is nestled amidst Manhattan's Greenwich Village neighborhood, rich in high-end fashion retailers, contemporary art, culinary hotspots and a seamless blend of local and international culture.
About Beck Street Capital
Beck Street Capital is a private real estate investment firm headquartered in New York City. Formed in 2000, Beck Street Capital invests in high value-added, mixed-use investment properties in dense urban locations with high barriers to entry. Beck Street invests in a number of asset classes, including office, residential and retail, and has successfully completed value creation strategies that include retail repositioning, residential condominium conversion, and asset redevelopment. For more about Beck Street, visit www.beckstreetcapital.com.
SOURCE Beck Street Capital