Andres Hogg is the seller
Ken Park’s Eunhasu Corporation has acquired 168 Suffolk Street from Andres Hogg for $12.8 million. The mixed-use property spans 10,050 square feet and contains nine free market apartments (two-bedroom), plus one ground floor retail unit. It is located between Stanton and East Houston Streets.
Dig Deeper: Sources close to the deal confirmed that the property traded at a 4.7 cap. The retail space is occupied by an art gallery that has eight and a half years remaining on its lease at $150 per foot. Residential rents for the two bedroom units average $5,433 per month.
Sound Smart: Although the price is high on a per foot basis for the Lower East Side, the buyer is getting a turn-key asset. The major question will be if the art gallery can stay in business.