Manhattan Apartment Buildings

A joint venture between New York fund shops East End Capital and Green Oak Real Estate agreed to buy three small apartment buildings in Manhattan’s SoHo neighborhood for $18 million. The buildings, at 21-27 Mercer Street, encompass 10 units and 9,000 square feet of retail space. Eastern Consolidated brokered the sale for Aion Partners of New York. The new owners expect to see a stabilized yield of 8% after rolling over the retail leases and upgrading the apartments, They may also add two floors to the smallest building. East End will rnanage the property. GreenOak is led by former Morgan Stanley executives Sonny Kalsi, John Carrafiell and Fred Schmidt. East End is led by investor Richard Ruben and Broadway Partners alumni David Peretz and Jonathon Yormak. Both shops are raising equity for debut funds.