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Sales Beat

Sales Beat

Sitt Asset Management Buys Two Pink Soho Buildings for $30M

161 Prince Street.

Family-owned real estate investment firm Sitt Asset Management has snagged a pair of pink Soho buildings on Prince Street for a combined $30 million.

Sitt spent $15.9 million for 161 Prince Street and $14.1 million for the adjacent 159 Prince Street, both between West Broadway and Thompson Street. The deal closed on Aug. 31 and appeared in public records today. The seller is listed as Hewitt, N.J.-based MRM Equity LLC. Read More

Sales Beat

Silvershore Nabs Bushwick Package for $4.05M

1452 Myrtle Avenue, 1450 Myrtle Avenue and 1488 Myrtle Avenue, from left.

Silvershore Properties has picked up four attached three-story mixed-use buildings in the Bushwick section of Brooklyn in a direct deal for $4.05 million.

David Shorenstein, the company’s principal, said it’s a “very hot” neighborhood and over time his company plans to renovate the buildings, which are at 1446, 1448, 1450 and 1452 Myrtle Avenue, raise the below-market rents and bring in “better tenants for the retail.” They all are fully occupied one- to three-family buildings with retail on the ground floor. The four retail tenants have leases expiring over the next few years, he said. Read More

Sales Beat

Brookland Assembles Park Slope Development Site for $7.4M

550-554 Fourth Avenue in Brooklyn.

Brooklyn-based Brookland Capital has scooped up a Park Slope development site at 550-554 Fourth Avenue at the corner of 15th Street from three different sellers for $7.4 million.

Brookland is plannning to erect a new 13-story condominium with 45 residential units plus retail on the ground floor at the site, said Boaz Gilad, a partner with Brooklyn Capital. The developer hired New York-based architecture firm Roart to design the building. Twenty percent of the condo units will be affordable, Mr. Gilad said. Read More

Sales Beat

Charles Cohen Ventures Downtown With Movie Theater Buy

34 West 13th Street.

Cohen Brothers Realty‘s Charles Cohen has bought the Quad Cinema in Greenwich Village. It marks the first time the company’s president and chief executive has closed a deal downtown.

“I’ve never done anything south of 32nd Street,” Mr. Cohen told Commercial Observer. “I thought given its location and its potential and what my purpose is for it, it was ideal.” Read More

Sales Beat

Manhattan House Retail Sells for $114M

200 East 66th Street.

Munich-based GLL Real Estate Partners has purchased the retail space at Manhattan House on the Upper East Side for $113.5 million, according to property records.

GLL bought the 100,000-square-foot space at the massive condominium at 200 East 66th Street from Madison Capital. JPMorgan Chase & Co was a member of the purchasing group, Crain’s New York Business previously reported. Read More

Sales Beat

Sam Chang Picks Up West 36th Street Building for $50.8M

334 West 36th Street.

Developer Sam Chang‘s McSam Hotel Group has picked up 334 West 36th Street from the Postgraduate Center for Mental Health for $50.8 million. Mr. Chang said he doesn’t know yet whether he plans to erect a hotel or residential rental building at the site.

The sale of the property, which is between Eighth and Ninth Avenues, closed on Aug. 6 and appeared in property records today. Mr. Chang said Postgraduate Center for Mental Health, which provides mental health treatment, housing, job training and placement as well as case management services, retains the right to occupy the premises until next year. Read More

Sales Beat

Acadia Closes $50M Buy of Soho Retail Co-ops

131 Prince Street.

Acadia Realty Trust has paid $50 million for two retail co-op units totaling 3,000 square feet at the base of 131-135 Prince Street, Commercial Observer has learned. The deal, which amounts to $16,666 per square foot, closed earlier this afternoon after being signed in late June, sources close to the deal said.

The seller was a family trust affiliated with Louis Meisel, who owns and operates the Louis K. Meisel Gallery at 141 Prince StreetRead More

Sales Beat

Sharif El-Gamal Purchases Park Place Site, Con Ed to Net $5.5M

45-51 Park Place.

Sharif El-Gamal’s Soho Properties has purchased Consolidated Edison’s property at 49-51 Park Place for $10.7 million.

Plans for the property currently include an Islamic museum and sanctuary space to be designed by Jean Nouvel at 51 Park Place, along with a 619-foot, luxury condominium building at 45 Park Place, an adjacent site, according to releases issued in April and May by Soho Properties. Read More

Sales Beat

Gaia Closes $147M Murray Hill Purchase, Going Condo with Andres Escobar Design

330 East 38th Street.

Investment firm Gaia Real Estate has nabbed 144 units at Murray Hill’s Corinthian from Spitzer Enterprises for $147 million. The sale, at 330 East 38th Street, closed on Aug. 14, with the transaction appearing in public records today. Gaia is converting the units, which Spitzer Enterprises had been renting out, back to condominiums, with an Andres Escobar design, Commercial Observer has learned.

In December 2013, Gaia acquired the whole 50th floor for $14.55 million and is nearing completion of the gut renovation of 15 new condos, which the company will keep for its partners, said Danny Fishman, a managing partner at Gaia. Read More

Sales Beat

Klosed Properties Closes First Soho Acquisition

202 Spring Street.

Klosed Properties has made its first Soho property purchase, picking up a retail condominium unit at 202 Spring Street for $7 million, Commercial Observer has learned. Klosed bought the property in partnership with Namdar Realty Group, said Steven Kachanian, the principal at Klosed. The deal took about two and a half years to complete, Mr. Kachanian said.

David Goldoff of Camelot Realty Group, who was the lone broker in the deal, said the property was on and off the market for three or four years.  Read More

Sales Beat

Certes, United Management Nab UWS S.R.O. for $15M

206 West 95th Street.

Certes Partners and United Management Corp. have purchased the infamous single-room-occupancy hotel Camden Hotel on the Upper West Side for $15 million. The seller of the building, once ranked the 24th Precinct’s second most dangerous building, was Steve Tzolis, owner of Il Cantinori and Periyali restaurants.

Sunder Jambunathan, a principal at Certes, said while the S.R.O. is in place at 206 West 95th Street, its status as such is being wound down. Certes and United Management’s plans for the site are in flux. Read More

Sales Beat

HK, Brickman Pick Up Chocolate Factory Lofts for $68M [Updated]

275 Park Avenue.

HK Organization and Brickman have paid $68 million for the iconic Chocolate Factory Lofts in the Clinton Hill section of Brooklyn. The deal at 275 Park Avenue, which closed this Tuesday, was done in affiliation with private investor Jo-Ann Obergfell.

“We just like the site for the location,” said Harry Kotowitz, a founder and principal at HK. “We believe very much in the Tech Triangle and the Navy Yard. We see an upside in the neighborhood long term.” Read More

Sales Beat

Greenpoint Eberhard Pencil Factory Building in Contract

74 Kent Street. (Leo Tsimmer)

Caerus Group is in contract to buy one of the buildings at the former Eberhard Pencil Factory in the Greenpoint section of Brooklyn, Commercial Observer has learned. The building, at 74 Kent Street between Franklin and West Streets, went into contract for more than $7.5 million, said Leo Tsimmer, senior managing partner at Caerus.

“The purchase was purely based on our belief in the neighborhood and we love the building,” Mr. Tsimmer said. “We like our neighbor [crowdfunding tech startup Kickstarter at 58 Kent Street]. It’s just a cool block. It’s a block and a half from the water. The neighborhood is changing. The vibe is way better than Williamsburg, to my taste. Williamsburg is getting so gentrified it disappears a little bit. That’s why I like Greenpoint so much.” Read More

Sales Beat

Windsor Terrace Apartment Building Sells for $17.5M

101 Ocean Parkway.

An apartment building in the Windsor Terrace neighborhood of Brooklyn has sold for $17.5 million, according to property records. The sale of the property, at 101 Ocean Parkway and adjacent to Kermit Place, closed July 31 and was recorded with the city last Friday.

The purchaser, whose address is stated as that of BCB Property Management at 27 Union Square West, is comprised of three LLCs with a tenancy in common, property records further state. BCB declined to comment on the transaction. Read More