Beck Street Capital Announces Sale of 82 Christopher Street in Manhattan

Sep 23, 2011, 08:00 ET from Beck Street Capital

NEW YORK, Sept. 23, 2011 /PRNewswire/ -- Beck Street Capital, a private real estate investment firm, today announced that it has closed on the sale of 82 Christopher Street, a five-story mixed-use retail and residential property located in the Greenwich Village neighborhood of New York City.  The transaction with Jayvanka, LLC is valued at approximately $6.1 million.  

Beck Street Capital purchased the building in December 2005 for $3.7 million and undertook significant renovations including a facade restoration, common area upgrades, and extensive apartment improvements.

"The successful sale of 82 Christopher Street is a validation of Beck Street Capital's disciplined and focused approach to value creation for our properties," said Kevin Comer, Senior Managing Director of Beck Street Capital.  "We continue to seek out high value-add mixed-use properties like 82 Christopher Street in dense urban markets that offer opportunities for Beck Street to earn above average returns for our investors."  

James Nelson of Massey Knakal represented Beck Street Capital in the sale transaction and Rex Gonzalez of Halstead represented the buyer.  Nelson stated, "We received a tremendous amount of interest due to the quality product that Beck Street delivered on this world-renowned retail strip.  With the help of Rex Gonzales at Halstead, we identified an international buyer who sought the stability and upside of New York City real estate, and who ultimately prevailed in this asset purchase.  As always, it was a pleasure closing another successful transaction with Beck Street."

82 Christopher Street is a mixed-use building featuring two retail spaces and eight apartments.  Steps from the Bleecker Street luxury retail corridor, the building is located on historic Christopher Street in Greenwich Village, one of the most widely-recognized addresses in the country.

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



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