Manhattan-based Anbau Enterprises has acquired a three building rental portfolio in the heart of Manhattan’s East Village for $58 million. The properties, located at 50-58 East 3rdStreet, have a total of 71 units and over 52,000 gross sqf. The assets were acquired with an in-place cap rate of 5% with upside rent potential. “We want to augment our growing in-house condominium business by investing in New York City markets that have long-term growth potential,” said Barbara van Beuren, Managing Director of Anbau. “The East Village presented itself as a key candidate with its largely intact historical architecture, range of transportation options, restaurant and lifestyle.”
