Sales Beat

Sales Beat

Thor Nabs W’burg Properties for Retail Project

Rendering of 130 North 6th Street. (Thor Equities' website)

Joseph Sitt’s Thor Equities has purchased three Williamsburg properties for approximately $17.8 million and is planning to turn the site into a 10,000-square-foot retail development.

Thor paid $14 million for 124 North 6th Street and $3.75 million for 126 and 134 North 6th Street, all between Bedford Avenue and Berry Street, property records recorded last Thursday indicate. The two sales closed on Aug. 25.  Read More

Sales Beat

Property at 110-112 Greenwich Street Flips for $52.9M

110-112 Greenwich Street.

A mixed-use property at 110-112 Greenwich Street in Lower Manhattan changed hands for $52.9 million last week.

First reported by the Wall Street Journal, the building was purchased by Hersel Torkian of the Torkian Group LLC from 110 Greenwich Street Associates. The property includes 66,530 square feet of space with 60 apartment units and corner retail space. An additional 30,000 square feet is available for development rights. Read More

Sales Beat

Building at 570 Seventh Avenue Changes Hands for $163M

570 Seventh Avenue.

The property at 570 Seventh Avenue, a 21-story, 167,000 square-foot building on the corner of West 41st Street, is in contract, according to the New York Post.

American Realty Capital, a New York-based investment advisory firm, is purchasing the building from Carlyle Investment Management and Capstone Equities for $163 million. The two parties purchased the building in July 2013 for $83 million. Read More

Sales Beat

E&M Associates Buys AIMCO’s $67M Harlem Portfolio

2302 Seventh Avenue.

E&M Associates, a 40-year-old, family-owned Brooklyn company, has bought a series of Harlem apartment buildings from AIMCO, a Denver-based real estate investment trust, property records indicate. The total sale price was $67 million, a source with knowledge of the deal said. Only eight of the 21 buildings sold were immediately available in property records.

The Real Deal previously reported that the Denver-based real estate investment trust sold the 21 buildings, but the identity of the buyer was not revealed. Read More

Sales Beat

Developer Scoops Up Crown Heights Property for $3.5M [Updated]

906 Prospect Place

Multifamily developer Jeffrey Gershon purchased a development property for $3.5 million in Crown Heights, Brooklyn at 906 Prospect Place between New York Avenue and Brooklyn Avenue.

Mr. Gershon, who owns at least two other properties in Brooklyn and Queens, snapped up a 24,349-square-foot site with 80 feet of frontage on Prospect Place that offers the residential developer an opportunity to tap into a hot market around the vacant lot located less than one block from the Brooklyn’s Children Museum and Brower Park, said Israel Segal of MNS Real Estate. Read More

Sales Beat

Alphabet City Building, Home to Cafecito, Sells for $18.35M

183-187 Avenue C

 Darwin Management LLC has sold its property at 183-187 Avenue C to private investor Nader Shalom for $18.35 million, Commercial Observer has learned. The deal includes over 1,000 square feet of air rights.

The 24,534-square-foot, six-story, mixed-use building was built in 1910 and includes 43 apartments and three commercial units. Neighborhood Cuban cafe Cafecito is a tenant, as well as a dry cleaner and a bodega. The building also enjoys 1,090 square feet of air rights.  Read More

Sales Beat

Astoria Multifamily Trades for $4.3M

43-18 25th Avenue

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

Sales Beat

Brooklyn Property Investor Buys Bed-Stuy Building for $2.05M

328 Marcus Garvey Boulevard

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

Sales Beat

RFR Holdings to Buy Landmark Property at 190 Bowery

190 Bowery

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

Sales Beat

Brooklyn Public Library Reveals Plan to Replace Aging Library with Condo Tower

280 Cadman Plaza West

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