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Acquisitions

Drew Popkin acquires 436 and 442 East 13th Street

Amirian is selling the proposed East Village condo project at a loss

436 and 442 East 13th Street (Credit: Amirian Group)

Drew Popkin’s Highpoint Property Group has acquired 436 and 442 East 13th Street from the Amirian Group and Bridgeton Holdings for $24.74 million. The two East Village residential buildings span a total of 25,444 square feet.

Condo deals aren’t simple: Amirian paid $9.5 million for the site in 2015 and secured a total of $16.95 million in construction financing, according to TRD. The buildings had a projected sellout of $37 million – none of the units sold.

Heard on the Street: Drew Popkin: “The opportunity to purchase high-end condo product in a super coveted location at a substantial discount to replacement cost was compelling.”

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