The midtown Manhattan-based real estate investment firm, AMAC, has closed on the purchase of a mixed-used property in downtown Manhattan. The $59 million, off-market deal encompasses 83 residential units and 7 retail spaces. Built in 1999, the asset is located at the intersection of the Lower East Side and Two Bridges neighborhoods at 10 Rutgers Street. AMAC plans to renovate the units in the building, along with its common areas and amenities.
Hudson Companies, who developed the building, was the vendor. “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.”
