As part of a strategy instituted in late 2012 Appian Real Estate began to evaluate $25-$50 million mixed-use buildings in New York City and Brooklyn with existing cash flow and upside over a 5-10 year holding period. 643-647 9th avenue was an off-market transaction where a family had owned the property for over 40 years.

The property was purchased in May of 2013 and the business plan for this project is to (1) renovate apartments and increase rents, (2) evaluate the possibility of an elevator and potentially adding a floor to the building and, (3) capture the below market rents for the retail spaces in the next 10 years when the rents reset to market. This property is owned in a partnership of high net worth investors where Appian Real Estate retains an interest.