Ryco Capital bought a portfolio of nine multifamily buildings on Second Avenue in the East Village for $132 million in June. The acquisition, which includes 177 residential units and ground-floor retail, comes amidst a revitalized multifamily market in NYC. The properties were previously owned by Nathan Halegua and Martin Newman. Ryco, known for renovating under-invested assets, sees potential in these fixer-uppers as Manhattan rents hit record highs. The portfolio, which includes some rent-stabilized units, offers room for rent increases, aligning with Ryco’s strategy of improving and capitalizing on distressed properties.
Nathan Halegua and Martin Newman
