Sales Beat

Sales Beat

Peter Cooper Village Area Mixed-Use Building Trades for $5.6M

361 First Avenue

A mixed-use building on the northwest corner of 21st Street and First Avenue, across from Peter Cooper Village, has sold in an off-market deal for $1,120 per square foot.

The seller was Rye, NY-based JTU Management Inc., which acquired the property in July 2011 for $4.38 million, and the purchaser was a private investor listed as First Avenue Assets LLC, public records indicate. Read More

Sales Beat

Marcus & Millichap Arranges $6.4M Upper East Side Sale

319 East 90th Street.

Marcus & Millichap has arranged the $6.4 million sale of a 9,000-square-foot, five-story residential walk-up building at 319 East 90th Street on the Upper East Side, Commercial Observer has learned.

The building, located between First and Second Avenues, contains 20 apartments—17 of them free market—with 12 one-bedrooms and eight studio units. Read More

Sales Beat

Sunset Park Development Sells for Nearly $20M


Marcus & Millichap has arranged the sale of a 123,785-square-foot, two-story industrial building at 150 52nd Street in Sunset Park, Brooklyn for $19.5 million.

The lot currently holds an industrial building with seven commercial tenants and a 30,631-square-foot open parking lot, but it carries with it 201,930 square feet of total buildable air rights. The demand for development opportunities in the area led to a sale price that came in $2.7 million over the asking price, brokers said. Read More

Sales Beat

West 111th Street Multi-Family Portfolio Sells for $24.25M

The West 111th Street property

Madison Realty Capital has sold a four-building multi-family portfolio on West 111th Street to Acuity Capital Partners for $24.25 million.

The institutionally-backed real estate private equity firm bought distressed loans on the four adjacent buildings, totaling 55,000 square feet, for $11.75 million in May 2011 and ended up acquiring the property title at auction in July 2011. Madison Realty Capital then spruced up the properties. Read More

Sales Beat

Kaufman Closes on Purchase of Four Ground Leases from Extell

119-125 West 24th Street

Kaufman Organization and Principal Real Estate Investors have closed on their acquisition of four former Ring buildings, totaling 341,441 square feet in Nomad and the Flatiron District, from Extell Development Company.

As Commercial Observer previously reported, the deal included 13-15 West 27th Street, 45 West 27th Street, 19 West 24th Street and 119-125 West 24th Street. Depending on the valuation, the 99-year net lease cost between $175 million and $200 million, according to David E. Ash of Prince Realty Advisors, the lone broker in the deal. Read More

Sales Beat

Silvershore Properties Purchases Small Flatiron Building

27 East 20th Street

Silvershore Properties has purchased a 5,200-square-foot mixed-use building for $3.3 million from AY & Associates, which owned the building for over 30 years, Commercial Observer has learned. The deal closed yesterday.

The four-story walk-up building, at 27 East 20th Street between Park Avenue South and Broadway, is home to Rohm Thai restaurant on the ground level and Marie Bové Salon on the second floor. Two floor-through occupied apartments comprise the two top floors. The property includes an additional 4,000 square feet of air rights. Read More

Sales Beat

HAP Investments to Buy East Harlem Site

2211 Third Avenue. (Credit: PropertyShark)

HAP Investments is in contract to acquire a development site at 2211 Third Avenue in East Harlem for $13 million, Commercial Observer has learned.

The buyer intends to develop the 17,500-square-foot site into a 120,000-square-foot mixed-use project, according to a press release announcing the deal. The development will consist of 78,000 square feet of luxury rental residential space, 26,000 square feet of commercial space, 5,000 square feet of parking and 1,000 square feet of community space. Read More

Sales Beat

Walnut Hill Flips Chelsea Building for $80M-Plus, Making 25 Percent Profit

31 West 27th Street

Walnut Hill Group, which purchased 31 West 27th Street from Sharif El-Gamal for $65 million in 2012, has sold the building for $80.8 million following an unsolicited offer from Westbrook Partners, Albert Hwang, a founding managing principal of Walnut Hill Group, told Commercial Observer.

“It was a good price,” Mr. Hwang said. “We like the building. We definitely bought it with the intention to have it long term.” Read More

Sales Beat

Itzhaki Properties Arranges $3.25M Ridgewood Sale

5823-25 Myrtle Avenue.

Itzhaki Properties  has arranged the sale of a mixed-use building located at 5823-25 Myrtle Avenue in Ridgewood, Queens for $3.25 million.

The three-story, 4,264-square-foot property, consisting of five residential units and five commercial units, including a men’s clothing store and a dentist office,  has 11,688 of buildable square feet and will be delivered vacant. Read More