Davean Holdings, Meadow Partners sells Village apartments for $50M

By Rich Bockman

Davean Holdings and Jeff Kaplan’s Meadow Partners sold a pair of Greenwich Village apartment buildings to a wealthy European family for $50 million. The partners sold the two seven-story walkups at 103 and 105 MacDougal Street to German investors making their first deal in New York, The Real Deal has learned.

Davean, run by Sean Lefkovits and David Lloyd, and Meadow bought the properties in 2020 for slightly more than $22 million, property records show, then renovated many of the units and the buildings’ systems. The partners refinanced the properties in 2021 with a $26 million loan from Sterling National Bank. Representatives for the companies could not be immediately reached for comment.

The German family was brought into the off-market deal by David Ash at Walker & Dunlop, who declined to comment.

The pre-war buildings have a combined 67 apartments, 85 percent of which are market-rate. There’s also a retail space leased to the Greek restaurant Pappas Taverna.

The deal is one of the few sizable transactions to close this year as the multifamily market contends with rising interest rates. Manhattan saw $1.2 billion worth of multifamily sales in the first quarter, down 28 percent from the same time last year, according to Ariel Property Advisors.

Some notable deals that have closed include Willowick Properties’ January sale of a 47-unit mixed-use building at 217 Thompson Street in Greenwich Village for $31.6 million. And Empire Capital Holdings sold a mixed-use building at 324 Grand Street on the Lower East Side for $23.8 million, also in January.