Sales Beat

Stellar Management Scoops 26 Vandam Street in Air Rights Play

26 Vandam Street

Larry Gluck’s Stellar Management has purchased an apartment building at 26 Vandam Street for $6.1 million in a play to add air rights to its undertaking at One SoHo Square.

Gluck plans to tack the 15,625 square feet of air rights onto the 80,000 square feet of new office penthouse space being added to neighboring 161 Sixth Avenue and 233 Spring Street.

“Because the air rights are essentially unusable towards the immediate property, Stellar Management will use them for the huge redevelopment of the office buildings next door — that will be a huge win for them,” said Peter Von Der Ahe, a first vice president of investments at Marcus & Millichap, who brokered the deal along with Joe Koicim, a vice president of investments, and David Lloyd. Read More

Sales Beat

Apartment Building, Former Church, Music Legend Hangout Nets $42.5M

309 West 57th Street

A property at 309 West 57th Street in Midtown West that once housed a Victorian Gothic church and later saw the likes of John Lennon and Frank Sinatra pass through its doors has changed hands for $42.5 million.

The 16-story, 75,600-square-foot rental property with 102 apartments and nearly 14,000 square feet of commercial space – currently home to night club Providence NYC – was purchased by New York City-based real estate investment firms Imperium Capital and Bronstein Properties.

The property, site of a former church and later a prominent recording studio, is located near a number of popular amenities and development projects, and it’s the latest in a string of high-profile acquisitions made by Imperium Capital. Read More