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Acquisitions

Serel Family sells 240 East 75th Street

Deal traded at a 4.43% cap rate

240 East 75th Street (Credit: Google Maps)

Julian Kiguel has acquired 240 East 75th Street from The Serel Family for $6.9 million. The Upper East Side mixed-use building spans 7,951 square feet, and contains 10 apartments, plus two retail units. The property traded at a 4.43% cap rate, according to NYREJ.

Dig Deeper: Retail tenants include Lucky Foot & Back Spa and B. Cafe, both of which hold long term leases. Of the 10 residential units, three of them are stabilized. It features 2,265 square feet of unused air rights.

Location: The property is located between 2nd and 3rd Avenue…. It sits three blocks away from the 72nd Street Subway Station with access to the Q and R trains.

Flashback: The seller paid $7.425 million for the building in 2015.

Brokers: The deal was brokered by Michael J. Ferrara of Brax Realty.

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