Trevi Retail buying spree in full swing - Real Estate Weekly

By Al Barbarino

Manhattan-based Trevi Retail has laid down more than $30 million for a trio of mixed-use properties on the Upper East and West sides, city records show.

The firm purchased two adjacent, five-story buildings with roughly 18,500 s/f at 450-452 Amsterdam Ave., between West 81^st and 82^nd streets, for $12.4 million; and a six-story, 7,440 s/f property at 785 Madison Ave., between East 67^th and 66^th streets, for $17.8 million.

450-452 Amsterdam Avenue, Photo: Massey Knakal

It?s been something of a buying spree for Trevi Retail, which has zoned in on mixed-use properties with retail space since launching just a year ago and has made more than 20 acquisitions.

Earlier this month Trevi picked up 27,000 s/f of retail space at The Cammeyer building at 650 6^th Ave. in the Flatiron District, paying $40 million, in what appeared to be its priciest acquisition to date.

Among other acquisitions, in June the company paid $13.5 million for retail space at 300 West 20^th Street; and in May, the firm paid $6.85 million for 155 Bleecker Street, city records show.

In March the firm scooped up 207 East 57^th Street and 304 Bleecker Street for $5 million and $5.75 million, respectively; and in January Trevi paid $30 million for buildings located at 106 7^th Ave. and 201 West 17^th Street, records confirm.

Just after The Cammeyer purchase, Crain?s also reported that the firm has closed on 785 Madison Ave., paying close to $18 million.

The previous owner of the Amsterdam properties, Silverstone Property Group, purchased them in July 2011 for $8.1 million.? Silverstone gut renovated several of the apartments and hallways in the building, adding ?a couple hundred thousand to the NOI in the process,? a source said.

Silverstone did not return calls seeking comment, and the seller of the Madison Ave. building, Redding Properties, could not be reached.

Trevi Retail, run by CEO?Rockie Gajwani?and CIO?Johnny McCarthy, did not return multiple calls seeking comment, but Gajwani told Crain?s that 785 Madison Ave. was the firm?s 19th acquisition.

It?s 22 and counting.

*this article appeared in the August 22, 2012 print edition of REW

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Source: http://www.rew-online.com/2012/08/23/trevi-retail-buying-spree-in-full-swing/

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