New Landlord Hopes to Flip Notorious 85 Pitt Street for $15M
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85 Pitt St.
One Pitt Street property might soon change hands for the third time in some seven years.
The nascent owner of 85 Pitt Street, near the corner of Rivington, is now seeking a buyer to cough up a whopping $15 million. That figure represents more than double what A.D. Real Estate (aka 85 Pitt LLC) paid for it in 2013. Regardless of final sale price, the building comes equipped with 21 residential units, three stores, and a rooftop cell tower.
Largely untouched, the industry is seemingly banking that this area – predominantly of low-income composition – will become the next frontier of gentrification.
Agent Aaron White stonewalled us on more info, noting that the off-market listing was accidentally leaked to Trulia. The address is no longer on the site, but is still accessible.
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Here’s the skinny:
OFF MARKET BUILDING FOR SALE. BUYERS ONLY NO BROKERS Lower east building for sale. 21 UNITS 3 STORES AND A CELL TOWER!! REAL BUYERS ONLY NO CONSULTANTS REAL BUYERS
Current owner A.D. Real Estate purchased the building exactly two years ago for $7.43 million.
It’s certainly worth noting that 85 Pitt Street has quite a notorious local reputation, largely due to several bedbug infestations in recent years. Also, a 23-year-old Brooklyn man named Jonathan Alston was fatally shot in the head outside the building back in the summer of 2011. It was reported at the time that police found drugs on the victim.
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