City property records confirm that a downtown development site that includes buildings 112-118 Fulton Street at the corner of Dutch Street has changed hands for a cool $171 million.
Joseph Sitt‘s Thor Equities and GreenOak have purchased the 10-story prewar apartment building at 150 West 82nd Street for $41.5 million, property records indicate.
Triena Capital Partners purchased Casabianca Realty’s 14-unit residential and retail property at 43-18 25th Avenue in Astoria, Queens for $4.3 million, Commercial Observer has learned.
After an earlier potential buyer’s contract for a $3.7 million sale of the steady, rent-accumulating property fell through, a team from Marcus & Millichap took over the listing and gathered 20 offers during 45 days on the market, said broker Lazarus Apostolidis. Read More
A four-story, mixed-use property at 328 Marcus Garvey Boulevard in Bedford-Stuyvesant has been sold for $2.05 million, or $360 per square foot.
Located on the corner of commercial corridor Marcus Garvey Boulevard and Madison Street, the building contains three residential units and two retail units on the ground floor. Altogether, there is roughly 5,600 square feet of usable space. Read More
190 Bowery, perhaps the last vestige of an earlier, grittier New York City on the gentrified corridor, is under contract to Aby Rosen’s RFR Holdings, the New York Times reported earlier this week.
The 38,000-square-foot building on the corner of Bowery and Spring Street, notable for its graffiti-covered exterior, was constructed in 1898 and was home to the Germania Bank. Photographer Jay Maisel purchased the six-story, 72-room property in 1966 for $102,000 and has used it as his private residence and work space since. In 2005, the home was designated a city landmark. Read More
A new condo tower could rise at the site of current Brooklyn Heights Library at at 280 Cadman Plaza West, as part of a redevelopment proposal that would net the library system $40 million to bestow upon struggling branches.
First reported by Capital New York, the decrepit, cash-strapped branch may be replaced with a 21,000-square-foot space in the base of the condo tower. The library would be one of the largest in the Brooklyn system, but will be significantly smaller than the 60,000 square foot library currently on the site (BPL contends that much of the current space is not being used; additionally a business and career library will be moved to another site). Read More
Broad Street Development has closed on the purchase of 80 Broad Street from Savanna for $173 million, Commercial Observer has learned.
Savanna announced the sale of the 423,000-square-foot Financial District office building today. Broad Street Development said the sale price was $173 million. Read More
Bethesda, Md.-based DiamondRock Hospitality Company has purchased the Hilton Garden Inn/Times Square Central for $122.2 million, according to property records filed with the city yesterday.
The deal closed on Aug. 29 and was announced by the firm on Sept. 2. Read More
The BankNote building, once the home of the American Bank Note company, was sold last week for $114 million to a joint venture between the Madison Marquette and Perella Weinberg Partners Asset Based Value Strategy.
“We are excited to be acquiring The BankNote Building, a historically significant and renowned property,” David Schiff, a partner at Perella Weinberg Partners, said in a press release. Read More
Three Washington Heights six-story walk-up apartment buildings comprised of 53,630 square feet have sold for $13.8 million, Commercial Observer has learned.
Two of the properties, 1001 St. Nicholas Avenue and 2001-2003 Amsterdam Avenue, are contiguous and occupy the entire block front of 159th Street between Amsterdam and St. Nicholas Avenues. The third building, 1995-1997 Amsterdam Avenue, is directly across on the southeast corner of 159th Street. Together they contain 64 apartments and six mom-and-pop shops. The average in-place apartment rent is $1,200 per month. Read More
Joseph Rishty of 2202 Third Ave, LLC has sold a 29,000-square-foot development site at 2202-2210 Third Avenue for $5.35 million.
Eastern Consolidated marketed the location on the corner of Third Avenue and 120th Street for $5.9 million, as Commercial Observer previously reported. Rent-A-Center occupies a three-story, 12,000-square-foot retail building at the site, also known as 181 East 120th Street. The furniture and electronics rent-to-own company triple-net leased the building through November 2015. The deal, which closed over the summer, included 17,000 square feet of available air rights. Read More
Joseph Sitt‘s Thor Equities snapped up a residential and retail property at 172 Fifth Avenue one block south of Madison Square Park between West 22nd Street and West 23rd Street for $28 million, Commercial Observer has learned.
The six-story, 25-unit Midtown South building with retail spaces on the two bottom floors represents the 16th asset Thor has purchased on Fifth Avenue, sources said, but this property, which Mr. Sitt bought from ABC Management Corp., should prove especially attractive due to its location, according to Thor’s website. Read More
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
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
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