Friday, July 19, 2024
903 Broadway in Flatiron District sold for $4.8 million. The sale included 11 E. 20th Street. It looks like a related party sale because the seller and the buyer are the same corporate entity, RJR Realty, who has owned the property since 1982. Therefore, just the basics – 903 to 911 Broadway is a 30,000 SF corner building (NE corner of 20th Street) in the M1-5 zoning. 11 E. 20th Street is the adjacent 18 foot, 2,600 SF building. This was the only commercial sale over $2m on a slow July day.
Thursday, July 18, 2024
101 Clark Street in Brooklyn sold for $62 million. It included 10-22 Clinton Street. The Mitchell-Lama building was sold to HDC. On HDC’s side, Lauren Connors, VP Development signed. The building, Cadmen Towers, is 450,000 SF, 31 story residential building in an R8 zoning. Based on the 80,000 SF lot, you can build 480,000 SF (6 FAR), but if build within the Quality Housing program parameters, you may get to 7.2 FAR. 10-22 Clinton Street is 252,226 SF on a 50,400 SF lot. The zoning there is mixed (R8/C6-4/R7-1). The property will be kept affordable. NYC came to rescue of the Mitchell-Lama that had $60+ million in mortgages. The story is that old co-op owners can now sell their units at prices that families with $100k income can afford and then the sellers pay 50% flip sale tax back to the co-op. E.g. a 2 BR/ 2 bath may go for $300k (while the market price in the hood is let’s say $800k). Seller gets $150k, co-op gets $150k and NYC starts to slowly get its $ back. How come sell so cheap? Well, the current owners bought their units years ago for low prices (e.g. $10,000) and there are restrictive covenants that don’t allow them to sell at market prices. Let’s hope NYC also adds value by using the air rights for building new units.
Wednesday, July 17, 2024
300 West 20th Street (condo) sold for $30 million. The New School sold the condo unit to Hawkins Way, a LA firm that specializes in converting hotels to student housing. This property contains 33 student dormitory units. The New School has been concentrating its campus living around its main campus in the Village.
Tuesday, July 16, 2024
1414 6th Avenue in Manhattan sold for $238 million. The seller is Starwood Capital and the buyer is Host Hotels. The 18 story corner property on 6th Avenue and 58th Street, a block from Central Park, is 110,000 SF and has a restaurant and 229 rooms. This is a whopping $2,200 PSF and over $1m per room. Starwood fully renovated the property in 2013. Probably the rates the hotel charges are amazing and the buyer thinks they are sustainable. The hotel sector in NYC has been doing great in the last year but this sale stands out, so we duly note it here.
Monday, July 15, 2024
50 Bond Street in Manhattan was sold for $4 million. The 3,220 SF retail condo was owned by Thor Equities since 2015. Thor paid over $11 million at the time and by 2017 financed it with an $8.5 million CMBS mortgage. Thus the buyer in 2024 is actually the CMBS lender represented by Rialto Capital. Rialto seems busy now, so many loans, including Signature Bank's, to resolve.
Friday, June 28, 2024
373 Fifth Avenue in Manhattan sold for $30 million. The seller was Fantasia 373 Hotel LLC and the buyer was Bin Qiang of Hogwarts Capital LLC of Garden City, NY. The buyer took no mortgage, while the seller had taken a mortgage in 2019 from China CITIC Bank International Limited for $30.1 million. So looks like a short sale. The hotel on the corner of E 35th Street and Fifth is 21,995 SF. It has a lot size of 2,525 SF and in the C5-3 zoning area (10 FAR). It last sold for $35m in 2014.
Thursday, June 27, 2024
250 Church Street in Tribeca sold for $96.5 million. The seller is the Columbia Property Trust REIT and the buyer is TPG Real Estate Partners, the Texas hedge fund, lender and real estate player. The office building previously sold in 2019 for $205.5 million. The lot size is 13,606 SF and spans from Franklin Street to Leonard Street. The empty office building is approximately 202,000 SF and is in a C6-2 zoning, which means it is overbuilt. The plan since 2019 has been to convert it to residential – seems TPG will do the conversion, with the only difference that its cost basis is two times lower than what Columbia’s was.
Wednesday, June 26, 2024
221 Ashland Place in Brooklyn sold for $55 million. The seller is Abram Shnay of Tri-Block Associates, L.P and the buyer is Jacqueline Tom of the affordable housing nonprofit FT Greene TB Housing Development Fund. The property is a part of portfolio sale that includes 33 St. Felix Street and 53 St Felix Street. The three regulated apartment buildings total about 82,300 SF. Additionally, the buyers acquired 80 Greene Avenue, a 71,470 SF building for $35 million from the same seller and got a $97 million mortgage for the four properties.
Tuesday, June 25, 2024
2568 Broadway in Manhattan sold for $42.5 million. The seller is Danny Wrublin’s Dalan Management and the buyer is Nathan Benelyahou of NJB Management Corp of Great Neck, who has actively bought on the UWS and UES lately. The sale also includes 226 West 97th Street next door. The Broadway property is 57,300 SF seven story elevatored building with a BoA branch on the corner of West 97th Street. 226 W 97th Street is an eight story, 22,275 SF. Each property is rent regulated and contains 34 units. Dalan had paid $66 million in 2018 and had taken a $38.5 million mortgage. With about 14,000 SF combined lots, there are a bunch of air rights. While the C4-6 zoning allows 10 FAR on the Broadway lot, it is very unlikely with the current laws (the 2019 Housing and Stability Act) anyone can easily build up.
Monday, June 24, 2024
5 Lispenard Street in Tribeca sold for 7.9 million. The sale includes 1 Lispenard Street. The seller is Peter Matera and the buyer is Tribeca Portfolio LLC headquartered at 767 5th Avenue. 5 Lispenard is a 3 story vacant 20 foot wide building that totals 4,775 SF. 1 Lispenard is 4,650SF corner building with a restaurant at its base. The total lot size of each is 1,500 SF and they are in the TMU Tribeca district, which allows 5 FAR. The only question is: How much is 3 Lispenard Street worth?
Friday, June 21, 2024
1141 Broadway in Manhattan’s Flatiron District sold for $47.9 million. The seller of the corner, 11 story, 30,966 SF building is Yaron Jacobi’s Premier Equities and the buyer is Azora Exan, LLC, a Spanish company with US offices in Miami, Florida. The buyer did not get a mortgage. Premier Equities had bought the property for $40 million in 2019, put in Sonder as a tenant and repositioned the retail.
57-05 47th Street in Queens sold for $14.8 million. The sale includes the adjacent lot (57-57 47th Street). The seller was the REIT Prologis and the buyer is a College Point based Waste disposal company Bestwaycarting, headed by Luciano Casagrande. The two lots are in M3-1 manufacturing zoning and have a total of 34,800 sf on the irregular lots. There is a 5,100 sf warehouse on the larger lot.
Thursday, June 20, 2024
351 W 48th Street in Manhattan sold for $6.7 million. The 8,000 SF property has 9 walk up units and seems to be all free market. The lot is 20 feet wide by 100 feet deep. The buyer is Xiaoyan Sui of New Jersey and the seller was Guy Smilovich’s Landmark Holdings LLC.
Wednesday, June 19, 2024
Juneteenth. No Transfers. Federal Holiday.
Tuesday, June 18, 2024
3043 Villa Avenue in the Bronx sold for $7.2 million. The seller was Lara D’Agostino (Schwartz) of Florida and her father Allen Schwartz of Armonk, NY through Vilcorn, LLC and the buyer is Yitzchok Weinberg of 3043 GV LLC. The rent regulated building is 46.585 SF and contains 48 units. The property is on a 10,384 SF lot and the R-8 zoning allows 6 FAR.
Monday, June 17, 2024
114 Hudson Street in Tribeca was sold. The two commercial condo units’ price was 5.3 million. The seller was Victor Setton and the buyer was Peng Fon of Kylin Realty LLC. The sale includes two retail condos that span about 3,800 SF above grade at 112 Hudson and 114-116 Hudson Street. Victor had paid $6 million for the two in 2015.
Friday, June 14, 2024
148 Madison Avenue in Manhattan sold for $31 million. The seller was Brickman RE and the buyer is Jack Saadeh of LMR Assets LLC, who got a $19 million mortgage from Interaudi Bank. The property is a 16 story, 71,871 SF office building on the corner of E 32nd Street. It is in a C5-2 zoning, and since the floorplate is 4,674 SF, there are no more air rights.
Thursday, June 13, 2024
35-16 Astoria Blvd. in Queens sold for $9.7 million. The seller is Matthew Schwartz and buyer is Hershmark Capital. The buyer had taken over a $9.7 million loan that Kearny Bank made to Schwartz in 2017, thus the sale was a deed-in-lieu. The property is a 6 story, 14,114 SF residential building with 16 units that was built in 2013.
Wednesday, June 12, 2024
119 Elizabeth Street in Manhattan sold for $6.8 million. Farhad Hanasab of Queens is the buyer and Patricia Eng of Mee Lun Realty is the seller.119-121 Elizabeth is a 18.950 SF, 6 story Rent Regulated building in the Little Italy Historic District. It has a 4,694 floorplate and is within the C6-2G zoning.
Tuesday, June 11, 2024
2837 Coney Island Avenue in Brooklyn sold for $16 million. Seller is Ilhan Israilov of Med Partners LLC and buyer is Misa Khayriddinova of 2845 Coney Island LLC. The buyer operates Tashkent Supermarket nearby at 2828 Coney Island Avenue and maybe expanding to this location? The buyer took $9 million seller financing. The property is a 10,000 Sf, one story retail building with 15 foot high ceilings on a 20,425 SF lot in a R4 residential low density zoning.
Monday, June 10, 2024
426 Clermont Ave in Brooklyn sold for $4 million. Seller is Robert Witherwax and the buyer is represented by Ropes Wealth Advisors, based in Boston. The 4 family property near Barcley’s Center last sold in 2016 for 3 million. The new buyer did not take a mortgage. The 3 story, 22 foot wide, 2646 SF property sits on a tree lined street in a R6B low density zoning.
133-38 Sanford Avenue in Queens sold a package of 24 residential condo units for $9.1 million. The buyer is Xizhu Bai of Bai’s Property LLC and the seller is Meng Hua Wang of Viewpoint One LLC. The buyer took over a $9.1m mortgage from Preferred Bank, a California Bank. Maybe Bai has to renovate the units in the 10 year old Victoria Towers Condo so the bank financed that? Or maybe Preferred just wanted out? Go figure…
Friday, June 7, 2024
1450 3rd Avenue (aka 170 E 83rd Street) in Manhattan sold for $114.5 million. The seller was Marjorie Nesbitt and the buyer is Douglaston Development. An adjacent lot at 170 E 83rd Street also traded hands for $10m between the same parties. 1450 3rd Avenue is a six story, 147,500 SF residential building with 94 units. It sits on a 25,750 SF lot in R8B/ C1-9 zoning. With 10 FAR, the new owner can build about 257,500 SF residential property as of right. The lender is Michael Dell’s MSD Capital (renamed in 2022 to DFO), which provided $270 million for the development.
Thursday, June 6, 2024
980 Madison Avenue in Manhattan sold for $560 million. The seller is Aby Rosen’s RFR and the buyer is 980 Madison Ave Holdings LLC. Rumor has it that buyer is Bloomberg because Bloomberg's Philanthropies signed a big lease in the building recently. The 6 story, 118, 635 SF building goes from E 76th to E 77th Street and has valuable retail, including Gagosian Gallery, Ramy Brook and Veronica Beard. It sits across from the famed Carlyle hotel. It has C5-1 (10 FAR residential and 4 FAR commercial) and is in the Upper East Side Historic District. Real Estate taxes are over $5m a year. With a floor plate of 20,390 SF, someone can potentially build residences down the road, but highly unlikely. $4,745 PSF – wow!
Wednesday, June 5, 2024
330 Melrose St in Brooklyn sold for $5.5 million. The seller is Israel Perlmutter and the buyer is Meir David Tabak’s Watermark Capital. Israel signed a contract in December, 2023 with 548 Gardens LLC, which seems to have flipped it to Tabak. Watermark is super active lately – on 5/4/2024 it got a $66.5 million deal done at 175 Pearl Street in Brooklyn. The property is a 3 story, 13,500 SF building on a 5,000 SF lot in R6 low density residential zoning. The buyer got over $6 m. in multiple mortgages from BCC funding. Major renovation coming?
Tuesday, June 4, 2024
2134 Coyle Street and adjacent 2114 Coyle Street in Brooklyn sold for $24 million. The seller was Coyle Properties, LLC and the buyer is Slate Property Group. Seems the two lots are already merged so Slate is ready for redevelopment. The lot size is 36,000 SF in an R6A/ C2-4 zoning. R6A allows 3 FAR with the Quality Housing program – higher FAR is also possible if Slates participates in the Inclusionary Housing program.
Monday, June 3, 2024
60 Bank Street in the West Village sold for $11.5 million. Seller was the family of Gabrielle Kurlander and the buyer is represented by the law firm of Aldad & Associates. 60 Bank is a three story, six unit building of 4,350 SF. Since there are no RS tenants, it will probably be someone’s townhouse soon.
Friday, May 31, 2024
2211 Westchester Avenue in the Bronx sold for $6.1 million. The seller is Jon Sopher of the Sopher Group and the buyer is Guido Subotovsky.of Azimuth Development, who has been active in the Bronx and Harlem. The 15,100 SF corner vacant site stands across from the Castle Hill Avenue Subways Station and is in a R6 zoning with C1-4 overlay. Maybe affordable residential development?
168 Wythe Avenue in Williamsburg, Brooklyn sold for $10.2 million. The seller is L3 Capital, who seems to be selling a chunk of their Williamsburg portfolio. The buyer is Brooklyn based Ryco Capital. The 11,750 SF corner buildings stand on a 5,000 lot in a M1-2/R6B zoning. The retail lease expires at the end of 2024. In 2019 L3 bought the property from its then partner ABS for $11.7 million. Ryco Capital bought all cash, with no mortgage. Maybe reposition and get a mortgage?
Thursday, May 30, 2024
347 Lorimer St in Williamsburgh, Brooklyn sold for 15 million. The seller is Robert Morgenstern of Morgenstern Capital who sold a building last week too. Buyer is Yong Hong Guan of Rego Park, Queens. The 25,777 SF corner building is six stories and contains 18 units. It was renovated in 2005.
Wednesday, May 29, 2024
1557 Lexington Avenue in Manhattan sold for $5.8 million. The seller is James Maher, Jr. and Ruth Blankenheim and the buyer is Howard Rich. The five story property is a 8,840 SF and has 7 residential and 2 retail units. It is in an R7-2 zoning (3.44 FAR), so not much air rights. The buyer used a TIC structure and got a $2.5 m mortgage.
Tuesday, May 28, 2024
78 Walker Street in Tribeca sold for $16 million. The seller is Dorothy W Lu of Tungdot Realty and the buyer is Yacov Smouha of New Jersey. The property is 41,200 SF vacant eight story corner building that is in a M1-5 commercial zoning. It is also in the TriBeCa East Historic area. With a special permit or a variance the new buyer maybe able to convert to residential but this is not a sure bet.
Monday, May 27, 2024 – Memorial Day
Friday, May 24, 2024
47 East 34th Street in Manhattan sold for $68 million. The seller was Robert Morgenstern of Morgenstern Capital, who had paid $80 million for the property in 2017 and taken $50m mortgage from Square Mile Capital. The buyer is Four Winds’ David Schneiderman . The new, upped loan of $54 m was provided by Affinius Capital Management, a company that acquired Square Mile in 2021. The property is a 36 story, 106,153 SF luxury residential building, built in 2007 on a 50 x 100 lot in C5-2 zoning (10 FAR). It has 36 stories and 111 units, including retail. It has a Star Energy rating of 42.
33 Montgomery Pl in Park Slope, Brooklyn sold for $7m. The two family property is 20 feet wide and 80 feet deep and has 2,640 SF. The law office of Mark Sambursky was the rep for the buyer, Leo Harrison LLC. The seller is Robert Lopez, an Oscar winner for best original song in 2014 – “Let it Go” from the film Frozen. $2,600+ PSF – if I were him I would let it go too.
Thursday, May 23, 2024
1417 Avenue U in Brooklyn sold for $7.7 million. Seller is The Jackson Group and the buyer is X Chen from College point, Queens. Jackson Group paid $4.6 m in 2023 for the 9,300 SF corner property sitting on a 16,600 lot in an R5 low density zoning. The property had a Duane Reade store as a tenant for many years but the location was closed in 2020.
Wednesday, May 22, 2024
680 Madison Avenue in Manhattan sold for $180 million according to the Real Deal and Business Wire. The sale was for a leasehold interest only, not the fee simple. The retail is about 34,000 SF and is occupied by luxury tenants like Oscar De la Renta, Tom Ford and others. The rest of the former Carlton House on 61st Street was converted to residential condops. Seller is Thor Equities and buyer is TZ Capital, founded by Tyler Tannenbaum and Sam Zuckert in Florida. Thor had taken a $245 million mortgage on the property in 2017 from JP Morgan.
Tuesday, May 21, 2024
1228 Putnam Avenue in Brooklyn sold for $3.6 million. Navon Somekh of 1228 Putnam LLC was the seller of the six-unit residential walkup building. The buyer is Townhouse Rental II, L.L.C.
Monday, May 20, 2024
476 Columbus Avenue and 472 Columbus Avenue in Manhattan sold for $14.5 million. Josef Chehebar’s Checo is the buyer and the seller is long term owner Bruce Haley. The 2 adjacent buildings have 3 retail tenants. 476 Columbus is a corner 5 story, 20,746 SF rent regulated building with 32 units. 472 Columbus is a 10,400 SF rent regulated building with 13 units. Zoning is C1-8A and the buildings are in the Central Park West Historic District.
Friday, May 17, 2024
301 West 4th Street in Manhattan sold for $10 million, The West Village is still popular – this is the third sale this week of a property there for $10m or more (210 W 10th St sold for $19m and 8 W 14th Street sold for 57.5 m). The seller of 301 W was RFR Holdings’ Mr. Fuchs and the buyer is 301 W 4th Street holdings llc. The 3,000 SF townhouse is 19 feet wide and 40 feet deep. It last sold to RFR in 2021 for about $8 million.
Thursday, May 16, 2024
41 White Street in Manhattan sold for $14 m. The seller is Benchmark Real Estate and the buyer is Tatar Real Estate, who is slowly but surely expanding their NYC portfolio. The 12,000 SF, 8 unit elevatored FM building is fully occupied and stands on a 2,600 SF lot in a C6-2A zoning in the TriBeCa East Historic District. It also benefits from a 2B tax class status.
Wednesday, May 15, 2024
216 East 6th Street in Manhattan sold for $5 million. The seller was Desiree Kelly and the buyer was the Sabet Group, who have been active lately on the Lower East Side. The 25 foot wide walk up property is 8.840 SF and has 8 residential and 2 commercial units and is in R8B zoning (4 FAR). It also benefits from the 2B tax classification.
Tuesday, May 14, 2024
8 W 14th Street in Manhattan sold for $57.5 million. The seller is a partnership headed by Phillips International and Mr. Friedland, Esq and the buyer was Victor Segoura’s Legion Investment Group. and a partner. The office property spans from W 14th to West 13th Street and is 110,000 SF. The buyers have already filed demolition permits. The C6-2/ C6-2M zoning allows for a residential conversion (6 FAR) based on the 18,070 SF lot.
Monday, May 13, 2024
2130 Crotona Avenue in the Bronx sold as part of a package for $8 million. The other properties in the package are 2111 Huges Avenue and 950 Jennings Street. The seller is Michael O’Donnel of Communilife Inc., an affordable housing operator. The buyer is Alex Hajibay of Affordable Heritage Communities. The buyers assumed a $7.4 m loan provided by HPC. 2130 Crotona is a 9 story, 60,200 SF rent regulated building, 2111 Huges Avenue is a 6 story, 56,340 SF rent regulated building and 950 Jennings is a 84 unit, 105,000 SF rent regulated property.
Friday, May 10, 2024
70 Wyckoff Avenue in Brooklyn sold for $12.75 million. The sellers were Jorden and Alan Goldman and the buyer was Nuchem Obstfeld. Nuchem has also bought buildings in the East Village in the past 2 years. The Wyckoff property is 62,075 SF and sits on a 21.100 SF lot in a M1-1 (manufacturing) zoning. While the 52 unit elevatored building has no rent regulated units, it is classified as Artists in Residence.
Thursday, May 9, 2024
60 Second Avenue in Manhattan sold for $6.5 million to the Sabet Group. The 26 unit property has 23,634 SF and is in the East Village Historic District. The same buyer also purchased 58 Second Avenue for 4.5 million and took a mortgage on both for $7.15 million with Citizens Bank.
Wednesday, May 8, 2024
706 Driggs Avenue in Brooklyn sold for $6.5 million in conjunction with 708-712 Driggs Avenue and a few additional adjacent lots on South 1st Street. The buyer is developer Shiraz Sanjana & family members. The lots total about 8,500 SF in a low density R6B residential zoning (2 FAR).
Tuesday. May 7, 2024
124 West 36th Street in Manhattan sold for $10 million. The buyer is Yosef Nazar. The 28,000 SF office building is just off Broadway and sits on a 4,114 SF lot in a M1-6 zoning (10 FAR). Yosef (who also goes by Joseph) has been an active buyer in the Garment District.
Monday, May 6, 2024
45-40 Vernon Blvd. in Queens sold for $47 million in conjunction with 45-28 Vernon Blvd. The buyer is Jasper Wu of ZD Jasper Realty. The 2 lots have a combined 38,650 SF between them and are in a M1-4 (manufacturing) zoning. The previous owner, Baron Property Group, obtained a variance to build 192,500 SF residential building with 202 units.
Friday, May 3, 2024
9814 Ditmas Avenue in Brooklyn sold for $12.5 million. The seller was Emilio Lamanna of New Ditmas Realty (c/o Almar Supplies) and the buyer was Hollingshead Materials LLC, a Tennessee based Cement company, which paid all cash. The 9,500 sf property sits on a 54,500 sf lot in an M1-1 zoning.
Thursday, May 2, 2024
76 8th Avenue in Chelsea sold for $44 million, the amount of its mortgage. The lender G4 is the new owner of the brand new building on 8th Avenue and 14th Street, just a block away from Google’s NYC Headquarters. The lot was previously sold for $18 million in 2019. The 10 story glass office building is about 34,400 SF.
Wednesday, May 1, 2024
1370 6th Avenue in Manhattan sold for $161 million to Barings LLC. The seller was Principal Real Estate Investors who had paid about $198 million in 2006 to acquire the property. There was a $150 million mortgage on the property with Mass Mutual since 2014, which probably could not be refinanced in 2024. Mass Mutual is the parent company of Barings, LLC. The office property is on 6th avenue and 56th Street and is approximately 311,500 SF. It stands thirty two stories high and the top floors have views of Central Park.
Monday, April 29, 2024
24 Avenue B in Manhattan sold for $43 million. The seller was Skyline’s Orin Wilf and the buyer was Benchmark Real Estate. The corner building (East 2nd Street and Avenue B) has 77,000 SF and 64 units. The retail is occupied by Walgreens (Duane Reade).
Friday, April 26, 2024
426 2 Street in Park Slope, Brooklyn, sold for $4 million. The free market four family property is 5,340 SF and has been in the same family since 1970s. The seller was the estate of Judy Thomas and the buyer is 426 Holdings LLC, who did not get a mortgage. The property is of off 6th Avenue in a low density R6B zoning.
Thursday, April 25, 2024
222 Broadway in downtown Manhattan sold for $147.5 million to TPG Management. Their local partner is rumored to be GFP who has been active downtown since he bought 40 Exchange Place and 7 Hanover Square a few years back. The previous owner had paid $502 million for a 95% stake in 2014 for the 756,138 SF building that has Zara and Chase Manhattan retail branch as tenants. BoA had owned and occupied most of the building for many years but vacated some time ago.
Wednesday, April 24, 2024
1740 Broadway in Manhattan finally sold for $186 million. The Blackstone Group gave the keys to the new owner, Isaac Hera’s Yellowstone Group. Blackstone had gotten a $308 million CMBS mortgage for the 519,600 SF building (SW corner of 56th Street) in 2014, when it purchased it for $601 million. So in essence the CMBS bond holders sold the mortgage for a big discount.
1690 East New York Avenue in Brooklyn sold for $20m to Carlyle Group. The property is a 61,950 SF four story self storage building operated by Life Storage. The corner building is also known as 163 Sackman Street and was built in 2019. The seller was Marc Sharinn’s SNL Storage. This sale is a part of a portfolio SNL is selling to Carlyle.
Tuesday, April 23, 2024
6389 Broadway and 6393 Broadway in the Bronx sold to the NYC Construction authority for $9.2 million. An additional adjacent property sold for $3,45 m. The seller is Vishal Patel’s VC Lodging LLC who operated a motel at the location. The reports are that the 32,000+ SF lot in the low density R6 residential zoning will be converted to an elementary school.
Monday, April 22, 2024
99-44 62nd Avenue in Rego Park, Queens sold for $5,8 million to Abraham Kassin of Kassin Sabbah Realty. The previous owner, Dr. Golyan of Golyan Enterprises, had paid $10.9 million and gotten a $6.5 million mortgage from Banco Popular in 2008. The rent regulated property has 62 units and is 55,300 SF.
Friday, April 19, 2024
45 West 87th Street, a rent regulated building in the Upper West Side of Manhattan, sold for $3 million. The sellers were the Wydra family and the buyer was Dr. Shirley Bassiri-Tehrani of Great Neck, NY. The 4 story, 20 foot wide 10 unit building is about 6,420 SF and is in the UWS/ Central Park Historic District. Zoning is R7-2.
1117 Westchester Avenue in the Bronx was sold for $5,1 million to FRESB 2017-SB 35. The 32 unit rent stabilized 31,520 SF property was refinanced by the previous owner, Samuel Jacobowitz, in 2017 with a $4,8 m. mortgage. The mortgage was put into a CMBS pool. The new owner, FRESB 2017-SB 35, c/o Berkley Point Capital, seems related to the lender, Cantor Commercial, aka Newmark.
Thursday, April 18, 2024
10-03 40th Avenue in LIC, Queens sold with 38-67 10th Street and 38-78 11th Street for $14 million. The 3 lots are approximately 9,000 SF, 2,250 SF, and 11,600 SF respectively. The M1-3 manufacturing zoning allows for 5 times FAR or approximately 112,000 buildable SF. The buyer is UBC LIC LLC (Urban Builders Collaborative ). The UBC and its CEO Mark Alexander is known for working with non profits on affordable housing, mostly in the Bronx and Brooklyn. UBC paid all cash and took no mortgage.
Wednesday, April 17, 2024
518 86th Street in Brooklyn sold for $3.2 million to Dr. Mohamed Hassan. The property has an office and residential units above. The 4,950 SF property is in the Brooklyn Ridge Special District and is in a C4-2A zoning. The lot size is 2.010 SF and based on the 3 FAR, the 20 foot wide property can be built up to 6,000+ SF.
Tuesday, April 16, 2024
104-15 Queens Blvd. in Forest Hills, Queens sold for $25 million to Nat and Ronit Elishaev of Forest Hills. The 23,780 SF retail property has 10 stores (including a Chase Bank branch and a Walgreens) and a parking lot and is at the corner of 69th Road. The irregular lot is over 40,600 SF and is in a R7-1 zoning that allows for 3.4 FAR as of right. The location is close to a few recent high end condo developments in Forest Hills and is potentially a development site.
Monday, April 15, 2024
129 W 29th Street in Chelsea sold for $31 million. The seller was Samson Management and the buyer was the non-profit Universal Communications Network Inc. (aka New Tang Dynasty Television) who owns nearby on W 28th Street. Zhong Tang of Universal Communications got a $23.3 m mortgage from the International Bank of Chicago for the deal. The property is a 12 story, 85,870 SF office building, located in a M-1 manufacturing/ commercial district. Samson had paid $54 million in 2012 for the building.
Friday, April 12, 2024
44 Remsen Avenue, 465 Utica Avenue and an adjacent vacant lot in Brooklyn sold for $11.4 million to Israel Lunger. The seller was Robert Frisoni. The 3 lots have a combined 36,500 lot area in a C8-2 (2 FAR) zoning. The properties used to house a taxicab open air parking lot and the Utica Taxi Center and are across from a Cube Smart self storage facility. Israel, whose family owns Monsey Trails bus company, took a $8.2 million loan from the Empire State Development Corporation and the NYBDC Development Corporation.
Thursday, April 11, 2024
253-255 West 15th Street, 236 West 15th Street, 188 6th Avenue and 82 Washington Place in Manhattan were sold for a combined 60 million. The Brodsky family sold the properties to Jesse Hutcher’s Derby Copeland Capital. The rent regulated properties have a total of about 98,000 SF and over 180 units. In 2021 Copeland Capital lent Brodsky a total of about $58 million on the same properties.
Wednesday, April 10, 2024
1940 Jerome Avenue in the Bronx sold for $7.4 million to the affordable housing provider Westhab. Melissa Bindra of Vaya Development will develop the project. The seller was a team Bindra and Steven Chera, who had filed permits for a 77,854 SF affordable housing in 2022 as per NY Yimby.
Tuesday, April 9, 2024
112 Liberty Street in Manhattan sold to Xiaogang Wang of Hiwin Group for $21.7m. The seller was Hidrock Properties, who had borrowed $23.5 million from Emerald Creek in 2021. The 6,100 SF lot is in C5-5 zoning that allows for 15 FAR commercial and 10 FAR residential development for a total of about 92,000 buildable SF.
Monday, April 8, 2024
193 3rd Avenue sold for $3.7 million to Majid Kahen and Alex Kahen of Kahen Properties. The midblock property previously sold in 2016 for $7.7m. The 7,000 SF property sits on a 2,300 SF lot in the high density C1-9 zoning (10 FAR residential zoning or 23,000 buildable SF). The Kahens have been buying on 3rd Avenue and are long term holders and occasional developers. The previous owner had borrowed $6.7m in 2016 to acquire the property.
Friday, April 5, 2024
868 Broadway, a commercial condo unit, was sold for $5.3 million to Chris Guo of Guo 2017 Family Trust. The lot is approximately 2,375 SF and the unit is about 4,530 SF on floors 2, 3 and 4. The seller was Douglas Day of 868 Broadway Corp. The property is just south of 18th Street in the Union Square area and is the upper floors of a 4 story building.
34-50 35th Avenue in Astoria, Queens sold for $13.3 m to Sal Lucchese of the L Group. Sal is a local Astoria owner. The rent regulated residential building has 72 units and is about 52,000 SF and sits at the corner of 28th Street and 35th Avenue. Citi provided a $9 m mortgage.
Thursday, April 4, 2024
151 W 170th Street in the Bronx was sold at foreclosure auction for $8.5 million. The purchaser, 170TH STREET PARTNERS LLC, was represented by Leech Teechman Robinson Brog. The previous owner, Norman Realty and Construction Corp, had taken a $6.9 m. loan from Harold Sherr’s 151 E 170th Lender LLC. The property is a corner 9,700 SF one story supermarket in an R8A (6 to 7.2 FAR) zoning.
Wednesday, April 3, 2024
45-41 Furman Avenue in the Wakefield section of the Bronx sold for $10.5 million to Jerrico Furman Housing Development Fund LLC. The non-profit developer got close to $16 m loan for the 24,850 SF, one story property. The lot is in a R7D contextual zoning and allows for 5.6 FAR for inclusionary housing or approximately 139,160 buildable SF. The seller was Adi Altmark who had bought the property in 2018 for $3.6 m.
Tuesday, April 2, 2024
182 Franklin Street in Tribeca sold for $15m to Renanin RE Investments LLC. The seller was the estate of the famed architect Thierry Despont. Mr. Despont, who passed away in 2023, had converted the property to a 1 family building. The property is approximately 8,500 SF above grade on a 2,000 SF lot in a C6-2A zoning within the Tribeca West Historic District.
Monday, April 1, 2024
240 North Fifth Street in Williamsburg, Brooklyn sold for 6.15 million to Shoko Property LLC and N 5th II LLC. The seller was Alex Lebowitz’s Partners Path and the buyer was a group of Roslyn, LI investors including Raymond Aboody, Sabah Shemel and Danny Mashal. The 6230 SF, 8 unit wood frame property was renovated in 2016. It is in a low density R6 zoning and all units are free market. The previous owner owned it since 2018 and had paid $4.7 million.
Friday, March 29, 2024
746 9th Avenue sold for $7.2 million to Edward Ostad, a real estate investor and co-founder of lending platform Flatiron Realty Capital. Additionally, he paid $5 m for 723 11th Avenue, $4.5m for 714 Greenwich Street and $5.2 m for 301 E 90th Street. The total package price was 21.9 million. The seller was Danielle Downing of Nashua, New Hampshire. Dr. Ostad got a $14.5 million mortgage to finance the portfolio purchase from Amalgated bank. 746 9th Ave is a 9,725 SF, 723 11th Ave is 10,035 SF, 714 Greenwich is 6,155 SF and 301 E 90th Street (aka 1732 2nd Ave) is about 8,900 SF for a total of 34,800 SF. All four have RS units. Total price comes to about $630 PSF.
Thursday, March 28, 2024
214 to 218 Atlantic Avenue (off of Court Street) in Brooklyn sold to investor Moishe Koplowitz for $10.6 million. The seller was Abe Cohn’s Conway Capital. 214-218 Arlantic Avenue is about 13,112 SF on a 62 x 76 foot lot. The property previously sold for $9 million in 2021.
Wednesday, March 27, 2024
97-99 Claremont Avenue in the Morningside Heights section of Upper Manhattan (a few blocks from Columbia University) sold for $38 million to developer Sam Charney’s Charney Companies. The seller was Riverside Church, which in 2018 had paid $46.5 million for the 78,400 SF student dorm.
Tuesday, March 26, 2024
220-228 E 9th Street, between 2nd and 3rd Avenue in Manhattan was sold for $14m. The 4 story East Village 22,000 SF parking garage used to house a Budget Rental Car agency. The lot size is 7,875 SF in an R8-B zoning, which allows for 4 FAR or 31,500 SF. The seller is Walter & Samuels and the buyer is Roger Bittenbender’s Arcus Development LLC. .
Monday, March 25, 2024
181 Lombardy Street in Greenpoint sold for $11.9 million to San Francisco-based public company Terreno Realty Corporation. Seller was Henry Burney. Terrano has amassed 43 mostly industrial buildings in the TriState area. 181 Lombardy is 24,000 SF warehouse on a 30,000 lot in M3-1 zoning (2 FAR).
159 Franklin Street in Greenpoint, Brooklyn sold for a whopping $6.1 million or over $2,000 PSF. Lot size is 2,375 SF. The corner 4 story building is about 3,000 SF and is in a low density R6B zoning. It has a retail unit, a 3 family on top plus multiple parking garages on India Street. Dan Hedaya of Dax Real Estate is the seller and Lawrence Ben Pomeroy of Cody Projects LLC is the buyer. Maybe the garages can be turned into a recording studio?
Friday, March 22, 2024
97 Grand Avenue in Clinton Hill, Brooklyn sold for 27.5 million. The seller was Madison Realty Capital and the buyer is Witnick RE Partners. The property was built in 2007 as a 60,210 SF apartment building with 62 residential units. Madison Realty had taken over the property in 2017 from the original owners, Harry Miller and Sam Sprei, and had gotten a $25 million mortgage at the time.
Thursday, March 21, 2024
213 Park Avenue South (between 17th and 18th Street) sold for 10.5 m to Japanese brand Ippodo Tea. The 10,580 SF building is on a 25 feet wide and 115 feet deep lot in a high density zoning of C6-4A/R8B (10 FAR).
826 Crown Street in Crown Heights, Brooklyn sold for $4.8 million. Tamir Shadian of Kenlow Realty LLC is the buyer and Barberry Rose Management Company (BRM) is the seller. BRM started selling some of its RS portfolio at discount in 2023. 826 Crown Street was last sold in 2018 for $11.5m. It is 52.800 SF and is in a R7-1 zoning.
Wednesday, March 20, 2024
44 Hudson Street in Tribeca sold for $9.6 million to 44 HUDSON HOLDINGS LLC, a company owned by George Yancopoulos, the co-founder and president of the biotech company Regeneron .Mr. Yancopoulos’s companies have acted as real estate lenders in NYC the last few years. The previous owner of 44 Hudson had defaulted on the 11.1 m loan made by Columbia Pacific Advisors, a Seattle, WA lender . The property is about 10,800 SF above grade and sits on a 25 wide lot.
Tuesday, March 19, 2024
141 Meserole Avenue in Greenpoint, Brooklyn was sold by the Related Companies for $2.6 million. The buyer is Elliot Sohayegh. The 7,500 sf property sits on a 2,500 SF lot in a low density zoning (R6). Out of the 8 units, 3 are rent regulated. Related had bought the property as a package with others from Silvershore Properties in 2015.
Monday, March 18, 2024
225 West 39th Street in the Garment District sold for $22.2 million. The 88,100 SF, 12 story office building sits on a 7,357 lot in a M1-6 zoning. The seller was David Berley’s Walter & Samuels and the buyer is Gotham 225 West 39th Street, LLC.
Friday, March 15, 2024
175 Spring Street in Soho sold for $21 million. The seller was Extell who took over the portfolio of Metropolitan Lumber. This is the second sale in the portfolio (after the Scores sale in Chelsea in 2023). The property was built around 1900 as an electric power house sub-station. It is an L shaped lot with a sidewalk curb cut on Thompson Street. Close to 20,000 buildable SF above grade with mechanical allowance; 4,000+ SF basement; Current Building Size is 13,816 SF. The buyer is Glass Stone Properties LLC, a user.
207 Broome Street (Commercial Condo Unit 4) sold for 20.2 million. David Picket’s Gotham Organization was the seller. William Ho, the President of the Chinese American Planning Council, signed for the buyer. The buyer’s entity was CPC Headquarters. Inc.
Thursday, March 14, 2024
8 East 63rd St, a Two Family home, sold for $21 million. The seller was 8 East 63rd Street LLC and the buyer was A P East 63rd Street LLC. It is a 25 foot wide, approximately 10,000 sf townhouse just off of 5th Avenue. Conversion/ upgrade play?
Wednesday, March 13, 2024
291 Livingston Street in downtown Brooklyn was sold to St. Louis-based Midas Hospitality for $34.9 million in a bankruptcy auction. Hello Livingston Extended LLC, controlled by Abraham Leifer, was the original developer. The hotel was was close to being complete - 21 floors and about 46,000 SF.
Tuesday, March 12, 2024
814 Manhattan Avenue in Greenpoint, Brooklyn was sold by Dime Community Bank to Peak Capital Advisors for $4.2 million. The bank occupies the retail and had owned the 6,000 SF, five unit, four story corner building since 1995. Webster Bank was the lender for Peak.
Monday, March 11, 2024
459 Smith Street in Gowanus, Brooklyn traded hands. Toronto based H&R REIT acquired 75% stake in the property for $76.5 million through the entity Hr Dc Smith Street Owner Lp. The seller was All Year Management. The REIT has been involved in the property since 2022, when it filed permits for a project with three buildings and about 735,000 SF on the 166,000 SF lot facing the Gowanus Canal.
Friday, March 8, 2024
94 3rd Place in Carroll Gardens, Brooklyn was the largest sale this Friday. It clocked in at $7.5 million and the seller was Chaim Yosef Abramson of 94 3rd Place Realty LLC. Mr. Abramson bought the property in March, 2022 for $3.5 million and turned it from a four family to a one family house. The buyer is Alexandra Kosslyn, who used to run IR for investor Bill Ackman's Pershing Square.
Thursday, March 7, 2024
147 East 116th Street sold to NYC Harlem Realty LLC Srinivasa Rao Tummalapenta for $3.1 million. The seller was Abraham Abadie and Menachem Mitnick of 147 E 116th Street AMS LLC. The buyer’s attorney was Daniel Rothman and lender - Provident Bank.
Wednesday, March 6th, 2024
252 to 258 3rd Avenue (corner of E 21st Street) sold to Victor Sigoura’s Legion Investment Group for $68.3 million. The four walkup buildings will be demolished. The zoning for the 6,900 SF lot allows 10 FAR or 69,000 buildable SF. Additional Air rights were also bought from 38 Gramercy Park North on March 6th for $4.2 m. There is also a plaza bonus that the developers may use.
Tuesday. March 5, 2024
The retail at 140 East 56th Street (and Lexington Avenue) sold for $6m to MacArthur Capital Group. The buyer’s entity was Mp 667 LLC and the seller was Lynn Schneider through the entity 56th Lexington Holding. Ms. Schneider of Schneider & Schneider has been selling NYC real estate over the years. Moving to Florida?
Monday, March 4, 2024
2300 69 Street, 2250 E 69th Street and one adjacent lot in Bergen Beach, Brooklyn sold for $16.6 m to Industrial developer Andrew Joblon’s Turnbridge Equities The Buyer’s entity is 2300 69 Street Property LLC and the seller was Peter K. Tully of Tully-Willets Realty Co. The lot is approximately 109,000 SF in an M1-1 zoning.
549 Meeker Ave in Greenpoint, Brooklyn sold to the Carlyle Group and Greenbrook Partners for $4.6 million. The buying spree continues?
Friday, March 1, 2024
Walgreens Corporate sold 3575 Boston Road in the Williamsbridge section of the Bronx, to Winston Lopez of the White Plains’ based LA VENTELLA REALTY LLC. The sale price was $6 million for the 10, 495 SF property that stands on a 22,155 SF lot. Parking is available at the corner location. The R5/C8-1 zoning allows for residential or commercial use after the Wallgreen’s lease expires. The property was advertised as a high performing Wallgreens store location.
Thursday 2/29
Avi Hiaeve, a luxury watch dealer, bought 5 E 59th Street for $26,7 million through the entity 5 East 59th Street Holdings LLC. 5 E 59th Street is a 38,052 SF office building on a 5,000 SF lot in the Plaza District, directly to the north of the GM building. The office building benefits from a high density zoning (C5-2.5). In the past it fell victim to exuberant optimism – it was sold in 2012 for $37,3 million and again in 2015- this time for $85 million. United Overseas Bank was the lender to the previous owner, while the new owner got a $18,2 million bridge loan from Cerco Bridge Loans 6 LLC.
Wednesday 2/28
Retail Investor Jeff Sutton’s Wharton Properties through the entity 11-10/12 154th Street LLC sold for $3 million two vacant lots at 11-08 and 11-10 154th Street with areas of 6,550 SF and 8,015 SF, respectively in the Whitestone area of Queens. The lots are in a low density mixed use zoning (R2A/R3) with C1-2 commercial overlay. The buyer is the Little Flock Church of Woodside, NY, which paid all cash.
Monday 2/26
Gina Argento of Film Studio Company Broadway Stages paid $4 million for 33-55 34th Avenue in Astoria. The property is a former Walgreens store on a 7,600 lot in a R5 zoning (with C1-2 overlay). The buyer entity is 3355 Walgreen Crescent Corp. and the seller is the LI based Petrakis Realty Group.
Friday 2/23
Investor/ Broker Aaron Jungreis, through the entity 175th Associates LLC paid $4.82 million to Jeffrey Farkas of Farkas Management for the property at 560 W 175th Street in the Fort Green section of Harlem. The 5 story property is 56,300 SF, was built in 1930 and contains 60 residential and 2 commercial units.
