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Acquisitions

Benchmark pays $21 million for 35 Bedford Street

Renaissance Properties sells West Village rental building

35 Bedford Street (Credit: Renaissance Properties)

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.

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