Sales Beat

West Village Property with Ralph Lauren Retail Location Trades for $17M

383 Bleecker Street. (Credit:: PropertyShark)

A West Village mixed-use property with a Ralph Lauren retail location at its base has sold for $17 million, according to public records. The five-story building, located at 383 Bleecker Street, was acquired by RWN Real Estate Partners in a deal that closed in February.

In addition to the retail component, the building boasts seven one-bedroom market-rate rental apartments. An 850-square-foot unit in the building last rented for $4,500 per month last year, according to StreetEasy. Read More

Sales Beat

The Grayson in Kips Bay Sells for $100M

A rendering of The Grayson's renovated lounge

RWN Real Estate Partners and Silverstone Property Group have announced the sale of The Grayson, a 17-story, 128-unit residential building located at 247 East 28th Street in Kips Bay, for $99.75 million.

Martin Nussbaum, principal and co-founder of Silverstone and Ari Shalam, managing partner of RWN, originally purchased The Grayson for $53 Million in February 2012. Read More

Power Broker

Each One Teach One: Massey Knakal Broker James Nelson

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James Nelson recently ushered a dozen Colgate University undergraduate students on a tour through The Abingdon, a West Village nursing home-turned-luxury condo where some units, which sold out this month, ran for more than $10 million.

With the help of his team, Mr. Nelson, a partner at Massey Knakal, sold the property at 607 Hudson Street for just over $33 million to Flank Architects in 2011 on behalf of nonprofit group VillageCare, which previously ran a nursing home there.

Much like the undergrads, the investment sales heavyweight traveled The Abingdon’s hallways with looks of awe, as Jon Kully, a principal at Flank, led the group into its sprawling condos. The building bore no resemblance to the nursing home Mr. Nelson had first stepped foot into in 2007. “They had 200 beds packed in there, and it wasn’t up to code, and it was in desperate need of renovation,” he said. “This was a complete transformation. It really was amazing what they did, and to know that I had a small part in making that happen was great.” Read More