AMAC Lands Manhattan Property for $59M
- Jan 11, 2018
Midtown Manhattan-based real estate investment firm AMAC has acquired 10 Rutgers Street, at the intersection of the Lower East Side and Two Bridges enclaves of downtown Manhattan. The 83-unit mixed-use property features seven retail spaces. The acquisition came in an off-market transaction for $59 million. The seller, Hudson Companies, is the entity that also developed the property in 1999.
“This transaction presented an attractive opportunity to acquire a corner mixed-use property in a rapidly-changing neighborhood with fantastic subway access,” AMAC founding principal Maurice Kaufman said. “Value-add investments in this submarket with this quality and scale are unique.”
A mix of studios, one- and two-bedroom apartments comprise the unit makeup of the eight-story property. Among the elevator building’s amenities are a gym, landscaped garden, bike room and doorman. AMAC intends to upgrade the residential units, common areas and building amenities.
The property is immediately adjacent to the East Broadway F Train station, offering residents easy access to both Midtown Manhattan and Downtown Brooklyn. Seward Park, a 3.4-acre neighborhood park with basketball courts, volleyball courts and playgrounds, is located directly across the street at the northeast corner of Rutgers Street and East Broadway. The property is also conveniently located to a wide range of restaurants and stores, as well as houses of worship.