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Notable Weekly Commercial Sales

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.