The Dermot Company, in partnership with Rockwood Capital, have acquired 50 East Houston St., a 13 story East Village rental building. Also known as the Red Square building, the property has a statue of Lennon on the roof. The asset encompasses 130 studio, one- and two-bedroom apartments along with approximately 10,000 sqf of retail. The new owners plan to initiate renovations to the building’s units, common areas and systems, as well as improve the level of amenities on offer in order to broaden its appeal among potential residents. Holliday Fenoglio Fowler represented both the seller as well as the buyers. Terms of the sale were not disclosed.
Richard Kramer, Director, Rockwood Capital, LLC, said the company focuses on identifying properties located in evolving mixed-use neighborhoods that stand to benfit from convenient access to transportation and an improving retail experience.
