Sales Beat

DivcoWest, Brickman Partnership Acquires Midtown South Properties

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A partnership between San Francisco-based DivcoWest and Brickman Associates has purchased a group of office buildings in Midtown South at 24-28 West 25th Street and 40 West 25th Street, it was announced today. The closing price on the portfolio was approximately $115 million.

DivcoWest is entering the New York market for the first time, James Murphy, executive managing director at Colliers, who represented the seller, Yeshiva University, told The Commercial Observer. The firm focuses on assets and markets with a high concentration of technology tenants.

“With the growth of the tech industry, it is the right time to enter the market,” Mr. Murphy said. Read More

Fire Sale

Arcade Fire Lists Church-Turned-Recording Studio For $325,000

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Fans of indie rock heroes Arcade Fire got a surprise real estate news break yesterday on the band’s Twitter feed. “Anybody want to buy a church?,”  read a tweet which linked to a listing for the 162-year-old Quebec church in which the group recorded its second (Neon Bible) and third (The Suburbs) albums.

Priced at 325,000 loonies (roughly the same in United State dollars), the 15,751-square-foot property at 401 Rue St-Joseph in Farnham (about 40 miles southeast of Montreal) is billed as a commercial and office space, with suggested use as an artist’s studio, place of worship or community center. Louise Goudreault, a broker with Sutton, is the agent for the proprty.

When reached by phone, Ms. Goudreault suggested getting in touch with Chantal Vaillancourt, a long-time assistant to Arcade Fire who manages the band’s real estate matters.  Read More