Sales Beat

Sales Beat

RBS Sells 627 Greenwich Street to Criterion for $75M

627 Greenwich Street. (PropertyShark)

The Royal Bank of Scotland has sold 627 Greenwich Street in Greenwich Village to Criterion Real Estate Capital for $75 million, according to public records filed with the city Monday afternoon.

Chuck Rosenzweig, a managing partner Criterion Real Estate Capital, signed the purchase agreement, which is dated March 25, under an LLC, LG Acquisitions I. Steve Cho, a managing director with RBS Real Estate Finance in Chicago, signed off on the deal for the seller, listed as 627 Acquisition Company, LLC. A source familiar with the deal confirmed Criterion as the buyer. Read More

Sales Beat

Tribeca Mixed-Use Building Sells for $8.5M

90 Chambers Street. (PropertyShark)

Claude Castro LLC has acquired 90 Chambers Street in Tribeca from 90 Chambers Street Realty LLC for $8.5 million, Commercial Observer has learned. The building traded for $1.25 million less than its initial asking price in a 1031 exchange.

The property is located between Broadway and Church Street and includes five free market residential units and a ground-level retail unit. One of the building’s four-bedroom apartments last rented for $7,795 last year, according to StreetEasy. The building’s retail unit, which was occupied by Jerry’s Cafe until last September, is currently vacant. Read More

Sales Beat

Old 21st Precinct Station House in Gramercy Area Sells

327 East 22nd Street.

The former 21st Precinct station house, which served as a Gramercy Park-area group residence for 25 lesbian, gay, bisexual, transgender and queer young people, has sold for $11.5 million to Suzuki Capital.

Green Chimneys, a Brewster, NY-based nonprofit organization that provides residential, educational, clinical and recreational services to young people, paid $1.7 million for the property, at 327 East 22nd Street, in 1998, although it had leased space there since 1983, according to Green Chimneys’ executive director, Joseph Whalen. When a contract with the city’s Administration for Children’s Services expired last year, Green Chimneys moved its residents out and decided to sell the building, which was dubbed Gramercy Residence at Ungar House. Read More

Sales Beat

Delshah Offloads 163 West 80th Street to Chinese Investors for $7.65M

163 West 80th Street (Delshah Capital)

Michael Shah’s Delshah Capital has sold 163 West 80th Street to Yu Far Realty, a group of Chinese investors, for $7.65 million, the company announced today.

The seller acquired the five-story property in 2008 and converted the building’s existing ten residential units to five full-floor residences. A 1,400-square-foot penthouse unit in the building was listed for rent in February for $7,500 per month, according to StreetEasy. Read More

Sales Beat

San Francisco-based Prana Investments Sells Bronx Apartment Building for $10.5M

1530 Sheridan Avenue.

A longtime Bronx landlord has paid San Francisco-based Prana Investments $10.5 million for a six-story building with 84 apartments in the Claremont section of the Bronx, Commercial Observer has learned.

The 96,000-square-foot elevator property “offers investors upside and scale,” Besen & AssociatesAmit Doshi, who represented both sides in the deal at 1530 Sheridan Avenue, said in a prepared statement. Read More

Sales Beat

Peter Cooper Village Area Mixed-Use Building Trades for $5.6M

361 First Avenue

A mixed-use building on the northwest corner of 21st Street and First Avenue, across from Peter Cooper Village, has sold in an off-market deal for $1,120 per square foot.

The seller was Rye, NY-based JTU Management Inc., which acquired the property in July 2011 for $4.38 million, and the purchaser was a private investor listed as First Avenue Assets LLC, public records indicate. Read More

Sales Beat

Marcus & Millichap Arranges $6.4M Upper East Side Sale

319 East 90th Street.

Marcus & Millichap has arranged the $6.4 million sale of a 9,000-square-foot, five-story residential walk-up building at 319 East 90th Street on the Upper East Side, Commercial Observer has learned.

The building, located between First and Second Avenues, contains 20 apartments—17 of them free market—with 12 one-bedrooms and eight studio units. Read More

Sales Beat

Sunset Park Development Sells for Nearly $20M


Marcus & Millichap has arranged the sale of a 123,785-square-foot, two-story industrial building at 150 52nd Street in Sunset Park, Brooklyn for $19.5 million.

The lot currently holds an industrial building with seven commercial tenants and a 30,631-square-foot open parking lot, but it carries with it 201,930 square feet of total buildable air rights. The demand for development opportunities in the area led to a sale price that came in $2.7 million over the asking price, brokers said. Read More

Sales Beat

West 111th Street Multi-Family Portfolio Sells for $24.25M

The West 111th Street property

Madison Realty Capital has sold a four-building multi-family portfolio on West 111th Street to Acuity Capital Partners for $24.25 million.

The institutionally-backed real estate private equity firm bought distressed loans on the four adjacent buildings, totaling 55,000 square feet, for $11.75 million in May 2011 and ended up acquiring the property title at auction in July 2011. Madison Realty Capital then spruced up the properties. Read More

Sales Beat

Kaufman Closes on Purchase of Four Ground Leases from Extell

119-125 West 24th Street

Kaufman Organization and Principal Real Estate Investors have closed on their acquisition of four former Ring buildings, totaling 341,441 square feet in Nomad and the Flatiron District, from Extell Development Company.

As Commercial Observer previously reported, the deal included 13-15 West 27th Street, 45 West 27th Street, 19 West 24th Street and 119-125 West 24th Street. Depending on the valuation, the 99-year net lease cost between $175 million and $200 million, according to David E. Ash of Prince Realty Advisors, the lone broker in the deal. Read More

Sales Beat

Silvershore Properties Purchases Small Flatiron Building

27 East 20th Street

Silvershore Properties has purchased a 5,200-square-foot mixed-use building for $3.3 million from AY & Associates, which owned the building for over 30 years, Commercial Observer has learned. The deal closed yesterday.

The four-story walk-up building, at 27 East 20th Street between Park Avenue South and Broadway, is home to Rohm Thai restaurant on the ground level and Marie Bové Salon on the second floor. Two floor-through occupied apartments comprise the two top floors. The property includes an additional 4,000 square feet of air rights. Read More