NEW YORK, July 1, 2015 /PRNewswire/ -- Spirit Bascom Ventures, LLC ("Spirit Bascom") a partnership between Irvine, California based The Bascom Group, LLC ("Bascom"), and Stamford, Connecticut based Spirit Investment Partners, LLC ("Spirit") acquired 285 West 12th Street in New York City's West Village for $9.35 million. The group teamed up with a prominent Middle Eastern family office that is making its first investment in the United States. James Nelson and Matt Nickerson of Cushman Wakefield represented the seller. Marc Schulder, Andy Feinberg, and David Harte of Ackman Ziff sourced a $5.175 million loan from Signature Bank.
The charming 32' wide property contains 12 rental units and a 2,080 square-foot ground floor retail space that is occupied by the famed Beatrice Inn restaurant, co-owned by Vanity Fair editor Graydon Carter.
The venture will commence a high end renovation program to upgrade all of the unit interiors with brand new kitchens and bathrooms, stone counters tops, stainless steel appliances, refinished hardwood floors, and contemporary urban fixtures and finishes throughout. Post renovation, the property will be better positioned to compete directly with the new Class A product in the marketplace.
For the past two years, Spirit Bascom has been focusing on acquiring suburban value add multifamily properties along the eastern seaboard, buying over $200 million in assets. Spirit Bascom is starting to turn its attention to neglected mixed use assets in New York City that can benefit from similar high end renovations.
David Nachman, a principal of Spirit Investment Partners, explains, "We are excited to acquire a building on one of the most charming blocks in all of New York City and feel there is a compelling ability to unlock substantial value by implementing our renovation program." Scott Zwilling, principal of Spirit Investment Partners, adds, "We have an experienced, well capitalized team in place to replicate this business model and add to our growing portfolio of assets in New York City."
About Spirit Bascom: Spirit Bascom Ventures, LLC a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC was formed to acquire distressed and value added multifamily assets in the Northeast, Southeast and Midwest markets. Spirit is a Stamford, Connecticut based real estate investment company, owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner, with holdings in Northeast, Midwest, and Southeast. Bascom founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $9.5 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 65,000 units. Bascom has ranked among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US. For additional information, please visit www.spiritinvestors.com and www.bascomgroup.com.
Contact: David Nachman
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SOURCE Spirit Bascom Ventures, LLC