Ved Parkash pays $12.5M to Morgan Group for 83-unit rental property in Tremont

Ved Parkash through the entity V & S 179 LLC paid Morgan Group’s 165 East 179th Street LLC $12.5 million for 165 East 179th Street in Tremont. The deal closed on May 29, 2020, and was recorded on June 11, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 83 residential units. The property is 93,400 square feet. The parcel(s) have total development potential of 117,863 square feet.
The sale price per unit is $150,361. The transaction was put into contract December 2, 2019.

Scott Morgan was the signatory for Morgan Group. The last time the property sold was August 29, 2012, when Morgan Group bought it for $7,450,000.

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