New Investment Firm Buys 2 Buildings Along East Houston for $13M

Posted on: October 13th, 2021 at 5:00 am by

Milano’s Bar and Mercury Lounge now have something in common (other than first initial) – a new landlord.

Nascent real estate investment firm, MOVCAP, this month scooped up 51 East Houston and 217 East Houston. Price tag for both mixed-use tenements was $13.2 million. The seller is listed as TDJ Holdings.

51 East Houston Street holds eight apartments and the old school watering hole, Milano’s, on the ground floor; number 217 is the twenty-five-year-old home of Mercury Lounge with eight units upstairs.

Regarding the beloved venues at both properties, the new ownership assures us status quo prevails.

“They are both here for the long term,” MOVCAP principal Lawrence Movtady says. “One of the reasons I was attracted to the properties was to help preserve the two iconic venues.”

Recent Stories

Chinatown Homeless Murder Suspect Still Awaiting Trial

More than two years since the horrific murder of four homeless men in Chinatown, the suspect has yet to be held accountable for the crimes. In the early morning hours of October 5, 2019 Randy Santos stalked, then allegedly bludgeoned to death Cheun Kwok, Anthony Manson, Florencio Moran and Nazario Vasqez-Villegas while asleep on the streets. In […]

Excavation Begins for 70-Story South Street Towers

Cranes, and plywood, and pile-drivers, oh my! Such is the story down on the Lower East Side waterfront. Department of Buildings on April 12 issued official approval to the Chetrit Group to begin foundation activities for its dual 70-story tower at 265 South. A month later, the big trucks are mobilized. While excavation is now […]

For 7th Year Running, Greek Jewish Festival Returns to Broome Street this Weekend

After a more subdued outing last year, the Greek Jewish Festival this spring is on the rebound, pulling out the stops. It returns on Sunday for another go-round. Founded by Kehila Kedosha Janina on Broome Street seven years ago, the event celebrates the culture and traditions of the Greek Jewish community. Years past saw crowds […]

Revisiting the Story of the Eastern Dispensary at 75 Essex Street

The historic Eastern Dispensary Building at 75 Essex Street – home of Eisner Bros. – will soon undergo major redevelopment to add a ten-story protrusion to its rooftop. Fresh off this news, which broke earlier this month, we thought it appropriate to revisit a Bowery Boogie entry from nine years ago detailing the history of […]

Motorcycle Driver Killed in FDR Drive Crash

A motorcyclist driving the FDR Tuesday morning lost control of the vehicle and died after hitting the roadway, police said. The driver, identified as Brooklyn 36-year-old resident Christian Reyes, had been traveling southbound on the FDR Drive at 7:10am in the vicinity of Exit 3, when he struck the left edge curbing and guide rail. […]