DAX Real Estate LLC, a New York-based private investment firm, has completed the $37.4M acquisition of 186 Franklin Street, totaling 6 residential and 1 retail unit in New York, NY.  The building is located in TriBeCa on Franklin Street Between Greenwich and Hudson Street.

 

According to Daniel Hedaya, Managing Partner of DAX Real Estate, they intend to renovate each of the floor through lofts and keep the building as a high end rental property. “This building is a landmarked building that is hard to come by in such great location and condition.” The property was owned and occupied by the same family for the past 20+ years. DAX negotiated the sale in an off market transaction.

 

Hedaya continued, “With the migration of wealth we are seeing into Lower Manhattan, this asset will continue to appreciate over time. Finally, with the building being Tax Class 2B, our effective tax rate will continue to decrease as the rents go up in the neighborhood.”

 

DAX Real Estate purchased the property with financing secured by Deustche Bank.