Former NBA player David Robinson’s company “Admiral Capital Group” – a real estate investment firm joined Four Winds Real Estate to purchase a portfolio of mixed-use properties located in downtown Manhattan.
This transaction marks Admiral’s first investment in New York City and expands Four Winds’ existing multifamily portfolio on the Lower East Side, according to an official statement announcing the deal.
The seller is a private investor group that owned the properties for over three decades.
The portfolio consists of 61 residential units and four commercial units in three contiguous buildings at the intersection of Rivington St. and Ridge St. in the heart of the Lower East Side, with easy access to multiple subway lines and New York City’s major employment centers.
The three buildings were sold for roughly $50 million, the Commercial Observer reported.
The deal consists of the a six-story building located at 106 Ridge St. PropertyShark data indicates that the 22,370-square-foot structure was completed in 1985 as a walk-up apartment building with street-level retail space.
A smaller, five-story building of 9,990 square feet and located at 118 Ridge St. was completed in early 1900s, while the third asset included in the transaction sits at 110 Ridge St. and was completed in 1910 as a single-story store of 1,900 square feet. The property was rehabbed in 2003 and is known as The Coda.
A member of the Naismith Memorial National Hall of Fame, Robinson has two National Championship titles, 10 All-Star selections, and 8 NBA All-Defensive team nods to his name in addition to winning the 1990 NBA Rookie of the Year, 1992 NBA Defensive Player of the Year, and 1995 NBA MVP Award.
A 10-time NBA All-Star, Robinson holds career averages of 21.1 points, 10.6 rebounds and 3.0 blocks per game. Robinson appeared in 987 NBA games (985 started).Follow @exnbadotcom
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