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

Sales Beat

Imperium Buys Williamsburg Building

Apple Store

Imperium Capital, a real estate investment company, has acquired a roughly 16,000-square-foot building in Williamsburg for $3.4 million, the company’s principals revealed to The Commercial Observer. The firm bought the building in partnership with Great Point Properties, another investment firm.

The property, 174-180 North 11th Street, sits on a parcel that can accommodate about 36,000 square feet of development the firm’s executives said, though they said they plan on operating the existing building there for the foreseeable future in large part because of its retail space.

“We are very bullish on Williamsburg, especially the northern end near McCarren park,” Sam Schneider, a managing partner of the company, told The Commercial Observer. “We love that area specifically for residential and retail.” Read More