The 131-unit apartment building at 28 East 10th Street on the southeast corner at University Place that had been offered for sale through Eastern Consolidated last May with a value of more than $140 million has been sold.
According to an article by Steve Cuozzo in today's edition of The New York Post, "a subsidiary of Mets owner Fred Wilpon's Sterling American Properties bought" it for $110 million. The article quoted Eastern Consolidated's Eric M. Anton, whose team represented the sellers, a family that owned the building for 60 years, as stating that the building is now slated "for conversion to condos."
Mr. Anton told Mr. Cuozzo that "a Connecticut group bailed on a deal to buy the Devonshire for $123 million last July," adding that "we ended up with a great buyer."
The handsome building, which is known as the Devonshire House, was built in 1928 and was designed by Emery Roth. The building has an Elizabethan-style lobby.
The brown-brick, 12-story building is notable for its very ornate rooftop water-tank enclosure and it is across University Place from two other brown-brick apartment buildings at the 10th Street intersection of the about the same vintage.
When it was offered in May, it had 68 unregulated units, three of which are medical offices, 52 rent-stabilized units, 14 rent-controlled units and 8,200 square feet of ground floor retail space comprised of ten stores.
The seller was Devonshire Realty LLC of which David Schusuck is a principal.
There is excellent public transportation and good local retail and restaurants nearby and the building is not far from Washington Square Park.
According to an article by Steve Cuozzo in today's edition of The New York Post, "a subsidiary of Mets owner Fred Wilpon's Sterling American Properties bought" it for $110 million. The article quoted Eastern Consolidated's Eric M. Anton, whose team represented the sellers, a family that owned the building for 60 years, as stating that the building is now slated "for conversion to condos."
Mr. Anton told Mr. Cuozzo that "a Connecticut group bailed on a deal to buy the Devonshire for $123 million last July," adding that "we ended up with a great buyer."
The handsome building, which is known as the Devonshire House, was built in 1928 and was designed by Emery Roth. The building has an Elizabethan-style lobby.
The brown-brick, 12-story building is notable for its very ornate rooftop water-tank enclosure and it is across University Place from two other brown-brick apartment buildings at the 10th Street intersection of the about the same vintage.
When it was offered in May, it had 68 unregulated units, three of which are medical offices, 52 rent-stabilized units, 14 rent-controlled units and 8,200 square feet of ground floor retail space comprised of ten stores.
The seller was Devonshire Realty LLC of which David Schusuck is a principal.
There is excellent public transportation and good local retail and restaurants nearby and the building is not far from Washington Square Park.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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