Infinity Sells two Mixed-use Properties in Manhattan’s East Village


New York, NY, January 22, 2016 – Infinity Real Estate (“Infinity”) announced today that it sold two New York City properties located at 123 East 12th Street and 128 East 13th Street to The Milan Associates L.P. for $21.50 million. James Nelson of Cushman & Wakefield served as the exclusive broker on the transaction. Infinity originally acquired defaulted mortgages encumbering the two properties from People’s United Bank for $7 million, in June 2011, and subsequently acquired full ownership of the properties after successfully completing a foreclosure proceeding in July 2012.

Infinity’s investment and management team assumed operational oversight and initiated a reinvestment program that included improvements to the façades, roofs and HVAC. Infinity stabilized the properties and fully leased both assets, including a restructured lease for Peridance, the acclaimed dance school, leasing the entire building at 128 East 13th Street.

These efforts generated a remarkable turn-around that resulted in positive operating cash flows and a more than doubling in the value of both buildings. Infinity’s exit after a five year investment period represents a highly successful conclusion to a multi-faceted and complex value-add transaction.

Steven J. Kassin, Infinity’s co-founder and managing partner, commented: “We are delighted that we were able to generate excellent returns and deliver that value back to our partners in the sale to Milan Associates. Thanks to our solid relationships, our improvements to the properties, and the investment and management team that made it all happen, a complex and challenging project has concluded with remarkable results.”

About Infinity Real Estate, LLC:
Infinity Real Estate is a privately-owned developer, owner, and manager of high quality real estate in primary U.S. markets. The Company’s portfolio includes over 50 individual properties representing over 2.5 million square feet of commercial space and over 1,000 urban multi-family rental apartments. Through its affiliates and portfolio companies, Infinity has managed in excess of 115 properties representing over 20 million square feet. The Company’s principals have led or have directly transacted in over $4.5 billion of real estate related investments spanning the acquisition or development of individual properties and portfolios, as well as several private corporate deals. The Company has established a strict investment discipline centered on active management of all its projects. Infinity Real Estate is a business unit of Infinity Group and is headquartered in New York City. For more information about Infinity Real Estate, visit

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