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Sales Beat

Sales Beat

Benchmark Sells Flatiron District Residential Building for $13.4M

28 West 26th Street.

Less than three years after buying a 27-unit residential building in the Flatiron District, Benchmark Real Estate Group has sold it for roughly double what it picked it up for, property records indicate.

Long Island-based Gould Investors purchased the seven-story elevator building at 28 West 26th Street for $13.4 million from Benchmark. The deal closed on Jan. 8 and was recorded with the city on Jan. 21. Benchmark bought the building for $6.3 million in April 2012. Read More

Sales Beat

W’burg’s 340 Wythe Avenue Sells for $7.5M

340 Wythe Avenue.

The building at 340 Wythe Avenue in South Williamsburg has sold for $7.5 million, Commercial Observer has learned.

According to a spokeswoman for TerraCRG, the firm that brokered the transaction, the 8,633-square-foot “L-shaped” property is zoned for commercial use and sits between South First and South Second Streets. Read More

Sales Beat

Thor Closes on $260M NoMad Purchase, Plans to Go Condo

212 Fifth Avenue.

Developers Thor Equities and Madison Equities along with real estate equity, development and property management firm Building and Land Technology have closed on the $260 million purchase of a NoMad property from Extell Development.

The deal for 212 Fifth Avenue, the 220,000-square-foot office building at West 26th Street, closed on Jan. 20 and was recorded with the city last Friday. While property records list the buyer as 212 FIFTH AVENUE VENTURE, Thor, Madison Equities and BLT bought the property together, as The Real Deal previously reported. Read More

Sales Beat

Aini Family Partnership Buys 145 West 45th Street

145 West 45th Street.

A partnership led by the New York-based Aini family acquired a 12-story office property at 145 West 45th Street with a $40 million loan from New York Community Bank, Commercial Observer has learned.

The new owners acquired the property from a group of investors for Queens-based Samson Management for an undisclosed price, according to a person familiar with the transaction. Read More

Sales Beat

Rehab Consortium Nabs Bensonhurst Nursing Home for $30M

2266 Cropsey Avenue

Allure Group, a for-profit consortium of rehabilitation centers, has purchased what was called the Sephardic Nursing and Rehabilitation Center in Bensonhurst. The property sold for $30.1 million on Dec 31, according to public records filed with the city on Tuesday.

The site at 2266 Cropsey Avenue between Bay 32nd Street and 23rd Avenue, sold by Sephardic Home for the Aged, is comprised of 83,388 square feet, according to PropertyShark. Read More

Sales Beat

JTRE Holdings Buys Midtown Garage for $21M

240 East 54th Street

Jack Terzi of JTRE Holdings has closed on the purchase of a three-story Midtown East parking garage at 240 East 54th Street between Second and Third Avenues, for $21 million. The property went under contract in December, as The New York Post previously reported and public records indicate the seller was Gould Investors.

The sale closed on Jan. 13 and was recorded with the city yesterday. Read More

Sales Beat

Stagg Group Picks Up Bronx Site, Plans Second Webster Avenue Rental Project

3084 Webster Avenue and 410-414 East 203rd Street.

Fresh off receiving 50,000 applications for affordable housing at its soon-to-open Bedford Park Manor in the Bronx, Stagg Group has scooped up another site on the newly rezoned Webster Avenue with plans for another residential rental building.

Mount Vernon-based Stagg paid $4.1 million for a Norwood area property at 3084 Webster Avenue, in a deal including the adjoining 410-414 East 203rd Street, that closed last month and was recorded with the city last Wednesday. Direct private bridge lender Titan Capital ID provided a $2.9 million loan at a 70 percent loan-to-value ratio. The site looks like “a gun pointing west,” said Adolfo Carrión, Jr., the executive vice president for Stagg. Read More

Sales Beat

Sam Chang Closes on $22.5M Garment Center Purchase

338-340 West 39th Street.

McSam Hotel Group‘s Sam Chang has closed on his $22.5 million purchase of the industrial loft building at 338-340 West 39th Street between Eighth and Ninth Avenues, Commercial Observer has learned. He went into contract to purchase the building between Eighth and Ninth Avenues at the beginning of December, as Commercial Observer previously reported, and the deal closed last Thursday, Mr. Chang said.

Mr. Chang said he wanted the site because it’s adjacent to what was global digital advertising agency R/GA‘s home at 350 West 39th Street, which the hotelier bought last October for $112 millionRead More

Sales Beat

Amirian Group, Bridgeton Holdings Buy EV Parking Garages for $9.5M [Updated]

436 East 13th Street

Developers Amirian Group and Bridgeton Holdings have acquired two former parking garages in the East Village for $9.5 million in a deal that closed this past Friday.

The Quantano family sold the two equal-sized sites at 436 and 442 East 13th Street between First Avenue and Avenue A, according to Ivan Hakimian, the president of HPNY, who consulted on the deal. Together, the properties comprise 26,300 buildable square feet, Mr. Hakimian indicated. Read More

Sales Beat

Quantum Equities Buys Prewar Multi-Family in Northern Manhattan

4 South Pinehurst Avenue.

Brooklyn-based Quantum Equities, a privately owned investor of multifamily and commercial properties in the New York metropolitan area, has bought 4 South Pinehurst Avenue on the corner of West 177th Street, Commercial Observer has learned.

L&L Realty Equities sold the pre-war building, which includes 59,000 square feet and 43 apartments, to Quantum Equities for approximately $9 million, according to a press release issued by the buyer. Read More

Sales Beat

Savanna Acquires Meatpacking Retail Property

461West 14th Street.

Savanna has purchased a newly built, 24,682-square-foot corner retail property in the Meatpacking District underneath the High Line, Commercial Observer has learned.

The real estate private equity and asset management firm acquired 461 West 14th Street from Michael Miller and son Brandon Miller‘s Real Estate Equities and Alfieri Development, the lender and project construction manager, Savanna announced. Savanna declined to indicate the price, but a May 2014 article in The Real Deal said that Savanna made an offer of $85 million for the site on May 12. Read More

Sales Beat

Blackstone Pays $165.7M for West 41st Street Office Building

114 West 41st Street.

Leon Charney‘s L.H. Charney & Associates has sold 114 West 41st Street in the Times Square area to Blackstone Real Estate Advisors for $165.7 million, property records indicate.

The 22-floor office building between West 40th and West 41st Streets and Broadway and Avenue of the Americas two years ago underwent a $7 million capital improvement program featuring a new retail façade and lobby, as Commercial Observer previously reported. Read More

Sales Beat

Spear Street Capital Closes Sale of 315 PAS for $353.9M

315 Park Avenue South.

Spear Street Capital has closed on the sale of 315 Park Avenue South to Columbia Property Trust for $353.9 million, according to property records.

The sale closed on Jan. 7 and appeared in city records today. The New York Post first reported when the 20-story, 330,000-square-foot-tower went into contract. Spear Street Capital bought the office building between East 23rd and East 24th Streets for $234.3 million in 2013.  Read More

Sales Beat

Trio of Developers Close on $24.1M Murray Hill Purchase

587-591 Third Avenue.

Charles Blaichman‘s CB Developers, Ironstate Development and SK Development Group have purchased three adjacent walkup buildings in Murray Hill for $24.1 million, Commercial Observer has learned. The sale is not yet recorded with the city.

J.T. Tai & Company, a Chinese nonprofit foundation, sold the rental buildings at 587-591 Third Avenue between East 38th and East 39th Streets after more than 30 years of ownership. The trio of developers will combine them with the 18-story, 91-unit residential site they are developing next door at 593-597 Third Avenue, a source with knowledge of the deal said. Read More

Sales Beat

Madison Realty Capital Sells Hamilton Heights Building for Record Unit Price [Updated]

605 West 141st Street.

Real estate investment management firm Madison Realty Capital has sold a Hamilton Heights multifamily building for an area record price of $492,000 per unit, Commercial Observer has learned.

The six-story, 25-unit building at 605 West 141st Street between Broadway and Riverside Drive was picked up by a local investor for $12.3 million, a spokesman for GFI Realty said, declining to further identify the buyer. Read More