Investor Group Buys New York Properties

Commercial News » Done Deals | By WPC Deals Team | June 10, 2013 2:29 PM ET

An investor group led by Joseph Betesh of Milestone Equities has purchased a portfolio of 11 mixed-use properties in New York in an all cash transaction valued at $62 million.

Known as "the Bowery Portfolio," the properties are located on Bowery between Houston and Canal. The properties, totaling about 143,230 square feet, are non-contiguous, but nine of the 11 are paired with other properties.

The Pulino's bar and restaurant on the corner of East Houston Street and Bowery is included in the deal, according to a press release.

The Bowery district has been enjoying a revival since the New Museum opened in 2007, the release notes.

The seller, a family trust, was represented by Massey Knakal. The properties have been family-owned since the 1930s.

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