Manhattan, NY Trion Holdings has acquired two new buildings for $28.5 million. These two acquisitions by the Yonkers and New York City-based real estate investment and management firm are their fifth and sixth major purchases in the span of 24 months, for a total of $88.5 million.
The first acquisition was 818 10th Ave., a 5-story walk-up building with 12 units and two stores. The acquisition price was $11.5 million. The building is in the Midtown West neighborhood, near the Hudson River, Theater District, Central Park, and the subway system. The broker of record for this transaction was Cignature Realty.
The second acquisition was 48 Saint Nicholas Pl., a building located in the Hamilton Heights neighborhood. The building has six stories and 42 units. Trion Holdings acquired the property for $17 million. The broker of record for this transaction was Hodges Ward Elliot.
According to Carmelo Milio, CPM president and chief investment officer of Trion Holdings, “We’re pleased to have made the two acquisitions in a market that continues to tighten…The locations are excellent and the buildings have strong tenant bases, both of which were crucial factors for our decision.”
Trion Holdings LLC is a New York based real estate investment firm that acquires undervalued and value-add multifamily properties in New York City and the Tri-State Area. Trion and its advisors have purchased, sold, and managed over $500 million in assets over the past 40 years. Throughout their 40-year history, Trion has developed a full service investment firm which benefits from in-house underwriting, property management, and asset management. Trion’s success has been driven by implementing conservative underwriting policies along with a hands on asset management approach.