AMAC Acquires Mixed-Use Property in Manhattan’s Lower East Side/Two Bridges Neighborhood for $59 Million
NEW YORK (January 05, 2018) – AMAC, a Midtown Manhattan-based real estate investment firm, has acquired 10 Rutgers Street, a mixed-used property containing 83 residential units and 7 retail spaces for $59 million in an off-market transaction. The property is located at the intersection of the Lower East Side and Two Bridges neighborhoods in downtown Manhattan. Hudson Companies, who developed the property in 1999, was the seller.
“This transaction presented an attractive opportunity to acquire a corner mixed-use property in a rapidly changing neighborhood with fantastic subway access,” says Maurice Kaufman, a Founding Principal at AMAC. “Value-add investments in this submarket with this quality and scale are unique.”
The eight-story property features a unit mix of studios, one- and two-bedroom units. Amenities at the elevator building include a doorman, gym, landscaped garden, and a bike room. AMAC plans to renovate the units, common areas, and amenities.
10 Rutgers Street is immediately adjacent to the East Broadway F Train station, which offers residents easy access to both Midtown Manhattan and Downtown Brooklyn. Seward Park, a 3.4-acre neighborhood park with basketball courts, volleyball courts, and playgrounds, is located directly across the street.
New York-based Arbor Management Acquisition Company (AMAC) is a real estate investment firm founded in 2012. Since its inception, the company has successfully acquired more than 8,000 multifamily units across the country within diverse primary and secondary markets. AMAC is actively pursuing new investment opportunities in the multifamily sector nationwide. For all inquiries and leads, please contact: Info@AMACHoldings.com or visit our website at www.AMACHoldings.com.