Renaissance Properties sells West Village rental building
Benchmark Real Estate Group has acquired 35 Bedford Street in the West Village from Renaissance Properties for $21 million. The multi-family property spans 17,556 square feet, and contains 33 units, plus ground floor retail space (2,340 SF).
Be Smart: The property traded at 16 times the rent roll, and an existing 3.8% cap rate, according to the NYTimes.
Upside in the rents… The buyer will renovate the apartments, which consist of six one-bedrooms, 14 two-bedrooms, and 13 three-bedrooms.