Meadow Partners has purchased 305 E. 11th St. and 310 E. 12th St., two adjacent multifamily apartment buildings in Manhattan’s East Village. Meadow acquired the properties alongside operating partner 60 Guilders LLC for $58 million. The purchase is Meadow’s ninth investment in the neighborhood.
Both mid-rise buildings were constructed in 1940 and include 89 units of one- and two-bedroom apartments totaling 100,000 square feet of space and are connected by an 11,000-square-foot courtyard, according to CommercialEdge data.
Each unit features architectural features facets of the original building’s construction and design such as arched doorways and moldings. Situated between the East Village’s First and Second Avenues, the community is near many of the neighborhood’s amenities, including restaurants, retail and nightlife as well as many public transportation nodes.
Manhattan’s multifamily slow recovery
Meadow’s purchase takes place as Manhattan’s multifamily sector stabilizes and sees incremental gains, following the pandemic and a migration of the city’s residents to other states. In the first quarter of the year, Manhattan’s multifamily assets generated $980 million, outpacing the entirety of 2020, with the vast majority of revenue coming from the sale of individual buildings, according to a May 2022 report from Yardi Matrix. Still, the city’s multifamily pipeline remains on the slower side, with 6,897 units under construction, far lower than the national average, the same data shows.
In light of such trends, Meadow Partners’ Managing Partner Jeffrey Kaplan contextualized the firm’s purchase, telling Multi-Housing News, “The significant uptick in post-pandemic residential leasing across Manhattan and in the East Village specifically makes this an exciting time to put capital to work. While current economic conditions have in part impacted the capital markets, we continue to find attractive opportunities in multifamily housing.”