Tokyu Land US Corporation, the American branch of Japan’s Tokyu Fudosan Holdings Group and co-developer of 425 Park Avenue, has acquired an 83-unit multifamily building at 10 Rutgers Street on Manhattan’s Lower East Side. The purchase price was $56 million, as reported by the New York Business Journal. This equates to about $747 per square foot and nearly $675,000 per unit for the 75,000-square-foot property.
Neither Tokyu Land nor the seller, Maurice Kaufman’s AMAC, commented on the transaction. The acquisition was financed in part by a $31 million loan from MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group and Japan’s largest bank.
The building at 10 Rutgers Street was completed in 2018. That same year, AMAC bought it for $59 million. There are currently no available units in the building, but rents listed earlier this year ranged from $4,560 to $8,500 according to StreetEasy.
Recent data shows that in September, the median rent for a brokered apartment in Manhattan was $4,550. This figure is slightly lower than the previous period but remains over 8 percent higher compared to last year. Higher mortgage rates have kept many potential buyers in the rental market. In July, Manhattan saw a record median rent of $4,700.
In another recent move, Tokyu Land partnered with Canvas Investment Partners last November to purchase the 150-unit Azure tower at 436 Albee Square in Downtown Brooklyn for $112.8 million. The seller in that deal was Spencer Equity.
AMAC continues to manage or own 71 buildings across ten states. The company recently secured a $34 million loan from Affinius Capital to refinance Main & Mill, an apartment complex completed two years ago in downtown Lewisville near Dallas.
Additionally, MML Hospitality of Austin recently acquired the Nine Orchard hotel at 9 Orchard Street on the Lower East Side for $92 million from DLJ Real Estate Capital Partners.
