Sales Beat

Sales Beat

B&B Global Development Snaps Up Greenpoint Property for Record $4.8M

977 Manhattan Avenue.

B&B Global Development has purchased a three-story, 14,300-square-foot, mixed-use building in the Greenpoint section of Brooklyn, for $4.8 million. Despite 977 Manhattan Avenue selling for less than its latest $4.995 million asking price, Jeffrey Schleider of Miron Properties said it is a record price for a mixed-use building in that neighborhood. Mr. Schleider brokered the sale along with colleague Bram Lefevere.

B&B plans to build a 17,500-square-foot mixed-use building with 3,000 square feet of retail on the ground floor and residential condominiums above, according to Victor Baranes, the president of B&B. He said the building will be eight stories with 14 apartments. Mr. Baranes has tapped Gerald J. Caliendo Architect as the architect for the project. Read More

Sales Beat

Savanna Sells 576 Fifth Avenue to Real Estate Equities

576 Fifth Avenue.

Real estate private equity and asset management firm Savanna has sold its leasehold on its 72,000-square-foot office building at 576 Fifth Avenue to Michael Miller, Brandon Miller and Mark Seigel of Real Estate Equities Corp, Commercial Observer has learned.

The property, which was sold for an undisclosed amount, sits on the corner of Fifth Avenue and East 47th Street in Midtown’s Diamond District. Today, there is a jewelry exchange on the ground floor and office space on the upper floors of the 11-story building, constructed in 1907. Read More

Sales Beat

Four W’burg Properties Sell for 16.5 Times the Rent Roll

949-959 Metropolitan Avenue.

Sal Mendolia‘s Cormen Enterprise yesterday sold four contiguous rent-stabilized properties on Metropolitan Avenue in East Williamsburg for $9 million, the brokers in the deal told Commercial Observer.

The four four-story, eight-unit properties, which span 949-959 Metropolitan Avenue between Olive Street and Morgan Avenue, sold for 16.5 times the rent roll, said Marcus & Millichap broker Shaun Riney. He and his Marcus & Millichap colleagues Mike Salvatico and Jim Saros represented the buyer in the deal and co-marketed the property with EXR Group‘s Sam Rubin and Mario Faggiano. Read More

Sales Beat

Benchmark Buys Two WV Apt. Buildings Within One Week

82-84 West 12th Street.

Benchmark Real Estate Group has picked up two apartment buildings in the West Village, Jordan Vogel, a principal at Benchmark, told Commercial Observer. The firm bought 82-84 West 12th Street for $22.8 million on Feb. 4, he said, and a week prior, 194 West 10th Street for $9.3 million. The West 10th Street sale closed on Jan. 28 and was filed with the city last Thursday.

“There’s been a fight to quality,” Mr. Vogel said. “[I] used to say anything prime Manhattan. Now I’d much rather be in the West Village than on the Upper East Side. We’re seeking the highest rent districts.” Read More

Sales Beat

East Flatbush’s Clarendon Gardens Sells for $32.5M

Clarendon Gardens.

Clarendon Gardens, a seven-building post-war apartment complex in East Flatbush, has been sold for $32.5 million, Commercial Observer has learned.

The property was purchased by Morris Weinberg, who bought the complex under the name Clarendon Gardens LLC, from real estate investment firm KMG Partners. The firm bought the complex in 2007 for $19.5 million. Read More

Sales Beat

Manhattan Country School Closes $28M Buy on UWS

150 West 85th Street.

The Manhattan Country School has closed on its $28 million purchase of 150 West 85th Street, now home to Mannes College The New School for Music, according to property records. The deal closed on Jan. 23 and was recorded with the city today.

The building, completed in 1924 and situated between Columbus and Amsterdam Avenues, will be able to house a gym and science lab, among other amenities, over its 36,000 square feet. The school is expected to move from its current home at 7 East 96th Street between Central Park West and Columbus Avenue in 2016, according to a Wall Street Journal article from last September. Read More

Sales Beat

Prana Growth Fund Buys Two Bronx Multifamily Buildings

1115 College Avenue and 1249 Webster Avenue

San Francisco-based Prana Growth Fund, operated by Kurt McCracken, Richard Esposito and Peter Larsen, has bought two multifamily properties in the Fleetwood-Concourse Village section of the South Bronx for $6 million, according to the brokers for the seller. The two properties, at 1115 College Avenue and 1249 Webster Avenue, have 53 units.

“The seller took two buildings saddled with violations, made significant capital improvements, and transformed them into well-managed, high performing properties that are in excellent condition,” said Scot Hirschfield, a vice president of Ariel Property Advisors, in prepared remarks. ”In addition, the buildings have tremendous room for rent growth.” Read More

Sales Beat

Nonprofit Sells Midtown Properties to Moin, John K. Rapp for $18M

1055-157 Second Avenue.

Two affiliated entities, Tai Properties and a Chinese nonprofit foundation, J.T. Tai & Company, have sold two 25-foot, multi-family properties in East Midtown to David Moinian‘s Moin Development and John K. Rapp of Junction Management for $18 million, sources with intimate knowledge of the deal told Commercial Observer.

The sale of the adjacent four-story walk-ups at 1055-1057 Second Avenue between East 55th and East 56th Streets closed last Wednesday. There are a total of 24 apartments and four commercial spaces in the two buildings; 1055 Second Avenue is 6,645 square feet and 1057 is 6,700 feet. Market-rate residential units rent for as much as $1,700 per month. The four retail tenants are Vera’s Shoe Repair, Skyscraper CleanersJ & P Timepieces and Naya restaurant. Read More

Sales Beat

West Village Multifamily Property Breaks Area Price Per SF Record

316 West 11th Street.

A pre-war property at 316 West 11th Street between Greenwich and Washington Streets has been sold for $10.2 million breaking a West Village record for price per square foot for a multifamily building, according to a spokeswoman for Marcus & Millichap.

The four-story mixed use rental property, which now sits vacant on an irregularly-shaped lot, changed hands for $2,661 per square foot. The retail property has recently been occupied by a gallery. There are four apartments in the 4,020 square-foot property, including 3,020 square feet of residential space and 1,000 square feet of retail space, according to Read More

Sales Beat

French Government Buys One-Family House on UES for $13.8M [Updated]

222 East 62nd Street.

The Republic of France has bought a one-family dwelling on the Upper East Side for $13.9 million, according to property records made public last Friday. The four-story property, at 222 East 62nd Street, will serve as the home of François Delattre, the Ambassador of France to the United Nations, a source with knowledge of the deal said, following last summer’s sale of France’s 18-room duplex at 740 Park Avenue for $70 million.

The 5,600-square-foot house between Second and Third Avenues is in the Treadwell Farm Historic District, according to Zillow, and has five bedrooms and seven and a half bathrooms plus staff quarters. The house has an elevator from the basement to the penthouse and south terraces over the gardens from the full-floor master suite and penthouse, Zillow noted. Read More

Sales Beat

Thor Picks Up Extell’s 734 Bway, Penthouse Plans TBD

734 Broadway.

Joseph Sitt‘s Thor Equities has purchased a Noho loft building from Gary Barnett‘s Extell Development, in the third such deal between the two firms in roughly the last two years, according to a source with intimate knowledge of the deal. The contract was signed last Friday.

Last May, the city’s Landmarks Preservation Commission approved plans to restore the 1872 building at 734 Broadway south of Astor Place, Curbed reported, and install a two-story penthouse on top of the five-story building. Mr. Sitt hasn’t yet determined whether or not to proceed with the addition, the source indicated. Read More

Sales Beat

Philips International Buys Sheepshead Bay Portfolio

892 East 7th Street.

Philips International has scooped up five residential rental buildings in the Sheepshead Bay area of Brooklyn from developer Victor Gartenstein for roughly $10 million, with six more properties slated to close this quarter, Michael Pilevsky, the co-president of Philips, told Commercial Observer.

The adresses of the buildings that closed on Jan. 19 are 892 East 7th Street; 2276 Homecrest Avenue; 2362 and 2403 East 13th Street; and 2632 East 21st Street. The remainder of the portfolio includes 3611 Shore Parkway; 2955, 2959 and 2963 Ocean Parkway; and 4641 and 4665 Bedford Avenue. Read More

Sales Beat

Slate Picks Up Kips Bay Apartment Building for $18.5M

245 East 30th Street

Slate Property Group along with equity partner RWN Real Estate Partners have bought 245 East 30th Street, a six-story apartment building built in 1910, from Aro Management for $18.5 million. The sale closed on Jan. 15 and was recorded with the city yesterday, property records show.

The building, which is between Second and Third Avenues, is 22,000 square feet, according to Martin Nussbaum, the founder of Slate, with 30 residential units. He said he loves the location of the building with Fairway around the corner. He added that the building is “a great addition” to the company’s portfolio, which includes the Collective, seven contiguous apartment buildings comprised of 150 units on East 33rd Street and Third Avenue. Read More