The 12-story rental building at 200 East 11th Street just traded hands, EV Grieve reports. Benchmark Real Estate Group paid a whopping $57 million for the pretty ugly 55-unit residence with retail on the ground floor. (Popular American restaurant The Smith is one of the tenants.) According to the Journal, Benchmark "has been active in Lower Manhattan, buying more than a dozen properties with a similar strategy of renovating older residential buildings and raising rents." What's worse? As ugly as the 1986-built structure may be, the glassy "reskinning" of the building that brokerage Massey Knakal suggested along with its for-sale listing is perhaps even more hideous. As EVG said: "Oh boy."
· Someone actually paid $57 million for this East Village building [EVG]
· East Village Gentrification coverage [Curbed]