The Gowanus-based property investment firm that made headlines earlier this year when it purchased the home of a beloved East Village watering hole has scooped up another mixed-use parcel — this time in Williamsburg — according to a deed that appeared in the city register Friday.
Ryco Capital acquired the 3-story building at 168 Wythe Ave. for $10.2 million from Chicago-based private equity firm L3 Capital, records show. The more than 11,000-square-foot property, between North Sixth and North Seventh streets, housed the restaurant Cafe Rosarito — until its owners announced its closure in January — and contains five residential units.
Before offloading it to Ryco, L3 Capital had initially planned to renovate the building after purchasing the property in 2019, according to its website.
It’s unclear what Ryco’s plans are, and no demolition or construction permits have been filed yet for the lot. According to its website, Ryco manages $310 million in assets and operates 30 properties, including 270 residential units, 28 retail units and 800,000 square feet of office space.
The firm ruffled some feathers earlier this year when it took over 135 Ave. A, which for decades had been home to popular dive bar Lucy’s, which opened in the 1980s. In January, under the limited liability company West Lake 135-139 Avenue A, Ryco bought the building between St. Marks Place and East Ninth Street for $19.1 million, records show. The East Village staple is now closed, and it’s unclear what Ryco has in store for the building.
The firm, whose chief executive officer is James Ryan, acquired the Wythe Avenue property under a version of the same liability company, along with a handful of other Manhattan buildings over the last year and a half, including 217 Thompson St. in Greenwich Village for $31 million and 414 West Broadway in SoHo for $13.2 million, according to city records.
Ryco did not respond to a request for comment by press time.
Julianne Cuba , 2024-06-03 19:11:44
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