Lower East Side Mixed-Use Property Sells for $10.4 Million

In a deal that closed on November 15, 2021, 33Equities has acquired a mixed-use property located at 101 Delancey Street on the Lower East Side for 10.4 million from Fairstead Capital. The property spans 16,312 square feet and was sold at a price per square foot of 639. The property features 14 residential units and two commercial units.

The buyer, 33Equities, is a real estate investment firm based in New York City. The firm was founded by Zack Hering and Tucker Shane, who have a combined 20 years of experience in real estate investment and development. The acquisition of 101 Delancey Street adds to the firm’s growing portfolio of properties in New York City.

The seller, Fairstead Capital, is a real estate investment firm that specializes in affordable and workforce housing. The firm has a portfolio of over 13,000 units across the United States.

The sale was facilitated by Joe Koicim and Matt Berger of Marcus & Millichap. Koicim and Berger are both experienced brokers in the New York City commercial real estate market. They specialize in the sale of multifamily and mixed-use properties.

The Lower East Side is a vibrant neighborhood in Manhattan that has seen significant development in recent years. The area is known for its diverse mix of restaurants, bars, and shops. The acquisition of 101 Delancey Street by 33Equities is a testament to the continued growth and demand for real estate in the Lower East Side.

Overall, the sale of 101 Delancey Street is a significant transaction in the Lower East Side commercial real estate market. The property’s mix of residential and commercial units, combined with its prime location, makes it an attractive investment opportunity for 33Equities. The sale also highlights the expertise of brokers Joe Koicim and Matt Berger in the New York City commercial real estate market.