Two mixed-use properties at 205 and 207 Eighth Avenue, just steps from the High Line in Chelsea, have traded hands for $15.9 million, The Commercial Observer has learned.
Brokers handling the transaction said the properties – featuring 23 apartments and two retail spaces –attracted wide investor interest, with the sale going down just over three Read More
Real estate owners and developers Alfa Development and Park-It Management have snagged a development site in at 117-119 West 21st Street in Chelsea for $12 million, where they plan to construct a high-end residential development, The Commercial Observer has learned.
The site is currently occupied by a four-story vacant warehouse with 44 feet of frontage and Read More
The James Hotel in SoHo has been sold, just three years after its grand opening, city records confirm.
Published reports earlier this month quoted the sale at $85 million, but the city officially recorded the sale price at $83.4 million.
Global real estate investment and development company Brack Capital Real Estate announced earlier this month Read More
RWN Real Estate Partners paid $3.8 million for a retail condominium at 328 Bowery, where the firm has appointed RKF as exclusive leasing agent for the space, The Commercial Observer has learned.
RWN will redevelop the 4,114-square-foot space and the existing storefronts, giving one to two prospective tenants 100 feet of wraparound frontage at the corner Read More
The mixed-use building at 137 East 47th Street between Third and Lexington Avenues has been sold for $8 million dollars. The owners, undisclosed local investors, sold the building for nearly four times the price they paid less than a decade ago.
“The sellers bought in 7-8 years ago for $2.4 million dollars and today exited Read More
Massey Knakal has arranged the $49 million sale of seven-property portfolio spread along a single street in the East Village, The Commercial Observer has learned.
The five and six-story buildings at 118, 120-22, 195, 199, 201 and 203 East 4th Street make up a combined 53,770 square feet across 115 units, with 175 feet of frontage and one retail space (at 195 East 4th).
“Demand to own multifamily properties in the East Village is extremely high as rents continue to surge and vacancy in the neighborhood is below 1 percent,” said Massey Knakal’s John Ciraulo, who exclusively represented the seller with Craig Waggner, James Nelson, Michael DeCheser and Bob Knakal, adding that the “purchaser continued their recent buying spree” in the neighborhood. Read More
Hines has selected buyers for its properties at 499 Park Avenue and 425 Lexington Avenue, it was announced today. The properties, part of the Hines U.S. Core Office Fund, are set to be acquired by American Realty Advisors and institutional investors advised by J.P. Morgan Asset Management, respectively, for a combined total of over $1 billion.
“New York has demonstrated a capacity for large scale capital transactions,” Tommy Craig, senior managing director at Hines, told The Commercial Observer. “That has been validated [in these transactions.]” Read More
Besen & Associates has arranged the $12.5 million sale of the leasehold interest at 213-215 Madison Avenue (aka 22 East 36th Street), the company announced yesterday.
The property, on the southeast corner of East 36th Street and Madison Avenue, is a 60,000-square-foot, 10-story-plus-penthouse elevator apartment building with 37 units and four medical offices.
The ground lease expires in 2036, a shorter duration than the typical ground lease, said Amit Doshi, who exclusively brokered the off-market transaction, noting that it was not the “most obvious deal” because of that.
“It’s a fine asset and they bought it for cash flow,” he said, referring to the buyer, Infinity Urban Century. Read More
Thor Equities has closed on the $23 million off-market purchase of Atlantic Gardens, a mixed-use development abutting the Barclays Center.
Atlantic Gardens consists of 24 rental units and nine retail spaces at 525-541 Atlantic Avenue between Third and Fourth Avenues. The seller, Bennat Berger of BCB Properties, bought the assets for $10.93 million just two years ago. Read More
A four-story, 5,975-square-foot mixed-use building at 348 Atlantic Avenue, home to Mile End Deli in Boerum Hill, has hit the market with a price tag of $9.15 million, The Commercial Observer has learned.
Eastern Consolidated Senior Director Lipa Lieberman, Associate Director Michele Nicoletta and Director of financial services Gary Meese are marketing the property on behalf of the seller, identified as 348 Atlantic Avenue LLC. Read More
Eastern Consolidated is exclusively marketing the sale of 334-336 West 46th Street, which will be listed at a bankruptcy auction sale on June 4, 2013 with a starting all-cash bid of $9.25 million, The Commercial Observer has learned.
The two adjoining four-story mixed-use buildings include 10 residential rental units and one commercial unit spread over a total 9,299 square feet. The ground floor retail is currently occupied by the Irish pub O’Flaherty’s, whose lease expires next year. The property is the subject of a Chapter 11 bankruptcy bearing case. Read More
Ariel Property Advisors has announced the $7.3 million sale of a Washington Heights development site at 4452 Broadway, The Commercial Observer has learned.
The sale demonstrates increased investor confidence in development opportunities uptown, where the multi-family market has been hot for years but land still sells at a steep discount compared with areas below 96th street.
“The corridor along Broadway in Washington Heights has witnessed a very strong and active multifamily market in recent years, but few large development sites have traded,” said Victor Sozio of Ariel Property Advisors, who along with Shimon Shkury, Michael Tortorici and Jesse Deutch exclusively represented the seller and procured the buyer. Read More
Cohen Commercial Properties has acquired a 12,212-square-foot, two-tenant, retail property at 1800 Williamsbridge Road in the Bronx for $11.425 million, The Commercial Observer has learned.
“It is a conservative investment, but it’s in an area that currently and in the longer term is going to appreciate in value,” Andrew Cohen, chief executive officer at CCP, said of the acquisition. Read More
Lake Success, New York-based Lalezarian Properties has purchased a development site in the Hudson Yards Special District at 511-515 West 36th Street for $21.25 million, The Commercial Observer has learned.
A six-story, 37,929-square-foot commercial loft building currently sits at the site, but the firm plans to raze the structure and construct a residential rental development across it and adjacent sites that it already owns.
“They preferred to have a larger site and this acquisition adds to the size of their floor plate,” said Eastern Consolidated’s Azita Aghravi, who represented the buyer. Read More
Ariel Property Advisors has arranged the sale of a five-story Upper West Side multifamily property at 313 West 77th Street for $5.2 million, The Commercial Observer has learned.
The 5,900-square-foot, 17-foot wide walk-up building was sold at auction on behalf of the trustee overseeing the disposition of the former co-op which had fallen under bankruptcy protection. Read More
