Topic:

Sales Beat

Sales Beat

East Flatbush Apartment Building Sells for $3.8M

536 East 96th Street

A 31-unit apartment building at 536 East 96th Street between Linden Boulevard and Church Avenue in East Flatbush, Brooklyn has sold for $3.8 million, according to a release from Marcus & Millichap.

The sale of the fully occupied building closed July 23, according to Derek Bestreich of Marcus & Millichap. Both parties in the deal were private investors. Read More

Sales Beat

Savanna Selling Twitter’s East Coast HQ in Chelsea for $335M [Updated]

245-247 West 17th Street.

The public New York REIT, formerly American Realty Capital New York Recovery REIT, has agreed to purchase Twitter‘s East Coast headquarters in Chelsea from Savanna Capital Partners for $335 million, according to releases issued by New York REIT and Savanna. The contract was signed on Tuesday, according to the president of New York REIT, and he expects it to close within the next 30 days.

As first reported by Commercial Observer, following a $29.4 million gut renovation, Savanna put 245-249 West 17th Street on the market, hiring Eastdil Secured to sell the 12-story office tower and adjacent six-story mixed-used building. Read More

Sales Beat

LIVWRK Buys Red Hook Building from Ship Repair Company for $21.5M

160 Van Brunt Street.

LIVWRK has closed on the purchase of a three-story (in some parts one-story and in other parts two-story) 98,650-square-foot industrial Red Hook building from large ship engine repair company Golten Marine, Commercial Observer has learned. The deal closed yesterday at $21.5 million.

Golten Marine owned and operated out of the building, at 160 Van Brunt Street between Van Brunt and Imlay Streets on Summit Street, for 75 years. There are seven or eight tenants remaining in the building, occupying a total of 20,000 square feet, through expired or month-to-month leases, said Dan Marks of TerraCRG, who exclusively negotiated the deal with TerraCRG’s Ofer Cohen, Melissa DiBella, Peter Matheos and Michael Hernandez.  Read More

Sales Beat

UWS Condo Package Sells for $9.65M

610 West 110th Street

JAMES Development Company purchased a condominium package at 610 West 110th Street for $9.65 million on July 2, Commercial Observer has learned. The units, which are comprised of 20,700 square feet, were bought from a partnership including Ares Management, Urban American Management and Ramius LLC, according to a release from Eastern Consolidated.

The 18-unit collection was sold “at a substantial discount to its vacant market value,” according to the release. The New York City-based buyer owns and manages apartments in condominiums and co-ops, according to JAMES Development Company’s website. Read More

Sales Beat

Silvershore Properties Sells 101 Delancey Street for $17.3M

101 Delancey Street.

Silvershore Properties has sold the six-story, mixed-use site at 101 Delancey Street for $17.3 million, Commercial Observer has learned. The firm had put the building on the market last August for $20.5 million, pulled it off in December and then just sold it in an off-market deal.

The property, on the corner of Ludlow Street, has 20 rental apartments and five retail spaces with 86 feet of frontage on Delancey Street. The retail was delivered vacant in the deal, which closed last Friday.  Read More

Sales Beat

UES Multifamily Buildings Sell for $11.75M

Upper East Side Multifamily Buildings

Two walk-up buildings on the Upper East Side at 1573 and 1575 York Avenue with 18 rental apartment units sold for $11.75 million, Commercial Observer has learned.

The buildings with a combined 15,800 square feet fetched a price that breaks down to roughly $743 per square foot, said the Marcus & Millichap brokers who negotiated the transaction. Read More

Sales Beat

EMP, Empire Capital Buy FiDi Building, Prep to Launch Condo Sales [Updated]

42 Ann Street. (42 Ann Street website)

In its first development project, EMP Capital Group purchased the Keuffel and Esser building and will soon launch sales at the residential condominium, the developer told Commercial Observer. EMP Capital Group bought the building in conjunction with developer Empire Capital Holdings.

Elie Pariente, the principal at EMP, said his firm has been doing a lot of work on the former factory building at 127 Fulton Street, also known as 42 Ann Street, prior to its closing on June 12. EMP paid $15.35 million to a group of investors, 127 Fulton LLC, to acquire the building, public documents indicate. Read More

Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More

Sales Beat

First Church of Religious Science Moving to UWS

204 West 84th Street.

Since moving to 14 East 48th Street five years ago, First Church of Religious Science has essentially been without a congregation, but soon its 600 members will be able to worship under the church’s roof on the Upper West Side, Commercial Observer has learned.

“No one lived within miles of us,” the pastor, Wade Adkisson, told Commercial Observer. “They will not venture forth to 48th Street because it’s so expensive [to get there]. They had to pay $40 for two hours of parking. We’re moving into a neighborhood where people can walk to church.” The church has been holding its Sunday meetings at Elinor Bunin Monroe Film Center, at 144 West 165th Street. Read More

Sales Beat

Boerum Hill Atlantic Avenue Site Sells for Record Price

472-484 Atlantic Avenue.

A site in the Boerum Hill section of Brooklyn has sold for a bit over $18 million, or $373 per buildable square foot, Commercial Observer has learned. It represents “the highest price per buildable square foot ever paid for a large development site of this size in Brooklyn,” said Stephen P. Palmese of Massey Knakal Realty Services. He exclusively handled the transaction.

The one-story building, at 472-484 Atlantic Avenue at the corner of Nevins Street, contains 16,100 square feet, with 150 feet of frontage on Atlantic Avenue, 40 feet of frontage along Nevins Street and 70 feet of frontage along Pacific Street. The site is home to a vacant laundromat, Atlantis Super Wash Center. Read More

Sales Beat

Queens Dollar Tree Location Trades for $4.6M

78-02 Metropolitan Avenue

Marcus & Millichap announced yesterday the sale of a Dollar Tree location in Middle Village, Queens for $4.6 million.

The seller of the property, at 78-02 Metropolitan Avenue, was Bryce Realty & Development, a Queens-based merchant retail developer and owner. The buyer was a private investor based in Howard, Beach, Queens and was represented in the sale by Weichert Commercial, according to a M&M spokeswoman. Read More

Sales Beat

West Side Development Site Trades for $43M

505-513 West 43rd Street. (PropertyShark)

Elad Group has acquired the 20,030-square-foot vacant lot at 505-513 West 43rd Street from Rhode Island-based Magna Hospitality Group for $43 million, according to city property records. Robert Indeglia, the president and chief executive officer of Magna Hospitality, confirmed the sale in an email to Commercial Observer.

As previously reported, the site hit the market last summer with an asking price of $300 per buildable square foot, or nearly $50 million. Located between 10th and 11th Avenues, the lot can accommodate 160,664 square feet of zoning floor area and 190 residential units. Read More

Sales Beat

Adam America Buys Boerum Hill Lot for $6M

The lot at 390 State Street, (PropertyShark)

Adam America Real Estate has paid $6.05 million, or about $500 per buildable square foot, to acquire the vacant lot at 390 State Street in the Boerum Hill neighborhood of Brooklyn, according to city property records.

The 6,000-square-foot site was sold by private owner Theordore Poulos to 390 State Street Investors LLC, an entity registered to Adam America.  Read More

Sales Beat

Thor Nabs Another Fifth Avenue Building, This One for $23M

164 Fifth Avenue.

In the latest addition to his large Fifth Avenue portfolio, Joseph Sitt‘s Thor Equities last Friday closed on the acquisition of 164 Fifth Avenue from AIGA for $23 million, Commercial Observer has learned. It is Thor’s fourth recent purchase along Fifth Avenue.

The Beaux-Arts 19,000-square-foot building between 21st and 22nd Streets has four stories plus a mezzanine and AIGA calls it home. Read More