316 E 55th Street

Asset Class:


Acquisition Date:

May 2015

Disposition Date:

July 2017


New York City, New York


41 Rent Stabilized Units

Linéaire Group entered into a joint venture with this asset’s owners in 2015 at a valuation of $12M. At the time, the building was suffering from poor management and deferred maintenance. The average rent for a unit was $985, despite comparable neighboring properties renting for well over $3,000. By appointing active management, implementing an aggressive marketing strategy, and making cosmetic improvements to the units, Linéaire Group increased rents by 57% over the holding period, which ultimately led to a sale of $17.1M in 2017.