Sales Beat

Massey Knakal Sells LES Apartment Building for $5.5 M.

104

Massey Knakal has arranged the $5.5 million sale of an apartment building at 104 Suffolk Street on the Lower East Side to a foreign investor, demonstrating the city’s continued status as one of the world’s few safe havens, The Commercial Observer has learned.

The 10,000-square-feet five-story walk-up consists of 20 residential units, 14 free market and six rent stabilized, with 18 one-bedroom apartments and two duplexes.  Recent renovations include the entrance, common areas, roof and a dual fuel burner was recently installed.

“104 Suffolk Street was purchased by an overseas investor, which is a testament to the growing interest among the international community,” said Massey Knakal’s Michael DeCheser, who exclusively represented the seller in the transaction with CEO Paul Massey, Jr. and Guthrie Garvin. Read More

Sales Beat

Ashkenazy Investments Pays $6 M. for Yeshiva Retail Property

Yeshiva

Yeshiva University has sold off the final lot of a building portfolio that it received as a gift then aggressively marketed, pulling in $2 million more than the original asking price and demonstrating the heavy demand for retail in the Lower East Side.

The Commercial Observer has learned that Ben Ashkenazy of Ashkenazy Investments paid $6 million for the corner retail building at 156-164 Delancey Street, on the northwest corner of Delancey Street and Clinton Street, which was originally on the market by for $3.95 million.

The building currently consists of six commercial units, five of which are occupied with leases that expire between 2016 and 2021, and it was marketed based on its redevelopment potential.

“Retail properties like this are in extraordinarily high demand today,” said Massey Knakal Chairman Bob Knakal, who exclusively handled the transaction with Michael DeCheser. Read More

Sales Beat

Harbor Group International Takes Two Manhattan Properties for $20.3M Amid Emmes Asset Management Selloff

1420 Broadway

Harbor Group International has closed on the acquisition of 1420 Broadway and 246-248 West 125th Street for a combined $20.3 million.

The first building is located adjacent to the firm’s New York headquarters at 1412 Broadway, owned by an HGI affiliate, and the latter lies amid Harlem’s burgeoning retail sector.

The property at 1420 Broadway is a three-story, 7,200-square-foot building constructed in 1911 and located between the Times Square and 34th Street retail corridors. Read More

Mortgage Beat

Retail Condo at 66 Leonard Trades

66 Leonard Street.

The Commercial Observer has learned exclusively that the retail condo at 66 Leonard Street has traded for approximately $6.5 million. Eastern Consolidated principal and executive managing director David Schechtman and senior director Lipa Lieberman represented the seller and procured the buyer, Mr. Schechtman said.

Ashkenazy Acquisition Corp.—which is led by CEO and chairman Ben Ashkenazy Read More