Marolda Properties Unloads 3 Forsyth Street Tenements for $24.4M
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72-74 Forsyth St.
Thus continues the gentrification of vital Lower East Side parkspace.
Notorious local landowners Marolda Properties – currently under investigation for illicit forced removal of rent regulated tenants – just unloaded a string of pre-war tenements lining the eastern perimeter of Sara D. Roosevelt Park. The transaction netted $24.4 million, more than twice what they paid three years ago.
Marolda Properties forked over $9.8 million for the three-building package in 2012, previously owned by the same family for some three decades. Buyer of record is listed as BP Forsyth LLC, a partnership between private equity firm Black Bear Asset Management and Caspi Development, currently amidst a campaign to transform the lower Bowery into a tech sector.
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104 Forsyth St.
The Real Deal has the scoop:
The mid-rise buildings at 72, 74 and 104 Forsyth Street have a total of 56 rental apartments and six retail spaces. The apartments are a mix of market-rate and rent-stabilized units, with an average rent of $1,859 per month. The buildings, all of which overlook Sara D. Roosevelt Park, span more than 31,000 square feet and offer 8,400 square feet of unused air rights. The buyers acquired the package under an entity named BP Forsyth LLC, paying $773 per square foot. The price comes out to 16 times the rent roll and a 4.8 percent capitalization rate, according to Highcap Group’s Josh Goldflam, who served as the broker on this deal as well as the sales in 2012. Caspi and private equity firm Black Bear plan to renovate the properties and raise rents. They are also exploring development options, said Caspi’s Josh Caspi.
Be very afraid. “Exploring opportunities for development” is a very disconcerting statement. Likely a euphemism. After all, these low-rise tenemants are situated in a predominantly Chinese area of the Lower East Side.
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