RYCO Capital pays Jonis Realty $103M for more East Village rentals, part of $132M deal

New York-based RYCO Capital, led by James Ryan, closed late last month on the $103 million purchase of six East Village buildings, 141 Second Avenue, 145 Second Avenue, 149 Second Avenue, 151-153 Second Avenue, 156-158 Second Avenue and 157 Second Avenue, from the Halegua family’s Jonis Realty, according to people familiar with the sale. This purchase is related to another transaction, in which RYCO paid Jonis Realty $29 million for three other buildings in the East Village, 127-129 Second Avenue and 36 St. Marks Place, as the Commercial Observer first reported earlier this month. The combined sale was approximately $132 million.

RYCO Capital has been one of the few active multifamily buyers over the last 12 months, paying more than $60 million in five transactions, not including the $132 million paid in these two transactions.

The six-building portfolio contains approximately 112 residential units in 119,046 square feet of built space, according to a PincusCo calculation. Most of the units are free market, according to a person with knowledge of the deal. The buildings also have 13 commercial units. The transaction closed on June 28, 2024, after going into contract on March 1, 2024. The sales have not yet been recorded in city records.

The three-building portfolio that sold for $29 million at St. Marks Place, has about 64 units and 10 retail units, the Commercial Observer reported.

In the larger deal, John Florek of Fairview Property Group represented Martin Newman, a co-investor in the Jonis Realty portfolio, as a broker in the transaction.
The $29 million sale was brokered by a Marcus & Millichap team including Joseph Koicim, Logan Markley, Zan Colin and Matt Berger.

The largest of the buildings in the $103 million transaction was the elevator building at 156 Second Avenue with 31 residential units and 39,395 square feet of built space, according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 125 feet deep with a total lot size of 8,194 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $16.7 million.

The second largest was the elevator building at 147 Second Avenue with 24 residential units and 25,340 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 39 feet and is 105 feet deep with a total lot size of 4,146 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.3 million.

The third largest was walkup building at 151-153 Second Avenue with 27 residential units and has 22,336 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 125 feet deep with a total lot size of 5,436 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.9 million.

The fourth largest was a walkup building at 141 Second Avenue with 20 residential unit and 17,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 74 feet deep with a total lot size of 3,485 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.6 million.

The fifth largest was a mixed-use building at 149 Second Avenue with five residential units and has 7,743 square feet of built space and 8,659 square feet of additional air rights for a total buildable of 16,416 square feet according to a PincusCo analysis of city data. The parcel has frontage of 32 feet and is 125 feet deep with a total lot size of 4,104 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.5 million.

The sixth largest was a mixed-use building at 157 Second Avenue with six residential units and has 7,032 square feet of built space and 1,957 square feet of additional air rights for a total buildable of 9,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,250 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5 million.

Direct link to the property’s ACRIS page.