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100 Avenue A Buyer Already Has Plans to Cash In On Investment

The investor purchased three apartments at the condo building for $5.4 million

Some units at Ben Shaoul's East Village condos could rent as high as $5,500 per month for a one-bedroom, a Wall Street Journal story has revealed. The 32-units at 100 Avenue A, are not being marketed as rentals, but the purchase of three-units at the condo building by an investor have revealed how much some of the units there could charge if they are marketed as monthly rentals.

Real estate investors John and Omar Spahi are trying to make a mark in the New York real estate scene by their recent purchase of three apartments at 100 Avenue A, according to the WSJ. They already own a significant amount of real estate in Los Angeles, which they have previously used to fund their hosiery business. The purchase in New York cost the Spahis $5.4 million.

Omar plans to rent out the two, one-bedroom units for $5,500 per month, and the two-bedroom unit for $7,500 per month. In comparison the neighborhood average for a one-bedroom is $4,525 for a doorman building like 100 Avenue A, and for a two-bedroom it is $6,100 according to the WSJ.

It's been just over a week since sales launched at the Isaac Stern Architects PC-designed building where the cheapest unit sold for $1.285 million. The eight-story building features one and two-bedroom apartments, and half the units had already sold out prior to the sales launch.

A one-bedroom unit at the building set a record for the highest residential price per square foot at $2,685 per square foot for a non-penthouse unit, according to Real Estate Weekly.

100 Avenue A

100 Avenue A, New York, NY 10009