Davean Holdings and Jeff Kaplan’s Meadow Partners sold two Greenwich Village apartment buildings to a wealthy European family for $50 million.
The partners sold two seven-story walk-ups at 103 and 105 McDougal Streets to a German investor in their first New York deal, real deal Learned.
Davean and Meadow, run by Sean Lefkovits and David Lloyd, bought the properties for just over $22 million in 2020 and then renovated many of the units and the building’s systems, property records show. The partners secured a $26 million loan from Sterling National Bank in 2021 to refinance the properties. Representatives of the companies could not immediately be reached for comment.
The German family was brought into the off-market deal by Walker & Dunlop’s David Ash, who declined to comment.
The pre-war building has a total of 67 apartments, 85% of which are market rate. There is also a retail space leased to Greek restaurant Pappas Taverna.
The deal was one of a handful of large deals completed this year as the multifamily housing market grapples with rising interest rates. Multifamily sales in Manhattan were $1.2 billion in the first quarter, down 28% from a year earlier, according to Ariel Property Advisors.
Some notable deals that have been completed include Willowick Properties’ $31.6 million sale of a 47-unit mixed-use building at 217 Thompson Street in Greenwich Village in January. Also in January, Empire Capital Holdings sold a mixed-use building at 324 Grand Street on the Lower East Side for $23.8 million.
