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Sales Beat

Sales Beat

Residential Building at 425 West 205th Street Sells for $12.6M

425 West 205th Street

A residential building at 425 West 205th Street has been bought by a family office with a strong presence in Upper Manhattan for $12.6 million, Commercial Observer has learned

According to Peter Von Der Ahe, one of the exclusive agents on this deal, the 72-unit, 77,967-square-foot elevator building between 9th and 10th Avenues was sold by 425 West 205th Street Corp., a private individual who lives in Florida. The seller had managed the building, which sold for $175,000 per unit, himself, and had wanted to retire. Read More

Sales Beat

Pambar Realty Buys Building at 754 Grand Avenue in Williamsburg

754 Grand Street

The property at 754 Grand Street in East Williamsburg has been bought by Pambar Realty, a real estate holding and management company, in its first acquisition in 20 years, according to Massey Knakal.

The building, which sits between Graham Avenue and Humboldt Street, was sold in an all-cash transaction valued at $4,350,000. It is a mixed-use property constructed in 1920 which currently has 5,839 square feet, but can be built to include up to 9,732 square feet. Read More

Sales Beat

Crown Building Sold to Jeff Sutton and GGP

The Crown Building.

The Crown Building, a jewel of a commercial property located at 730 Fifth Avenue at 57th Street, has been sold to Chicago-based General Growth Properties (GGP) and Wharton PropertiesJeffrey Sutton for approximately $1.75 billion, the New York Post reported today.

The Crown Building was acquired from Spitzer Enterprises, led by former New York Governor Eliot Spitzer, and Winter Properties. The property was on the market for one day. According to the Post, this partnership had purchased the building in 1991 from the Philippine government for $93.6 million. Read More

Sales Beat

Silvershore Grabs Three Bed-Stuy Properties for $3.6M [Updated]

137 Patchen Avenue

Silvershore Properties closed on the purchase three multifamily buildings along Patchen Avenue in Bed-Stuy for $3.6 million on Monday, Commercial Observer has learned.

The apartment buildings at 137, 148 and 150 Patchen Avenue, which total 22 units, add up to seven properties Silvershore has picked up in Brooklyn in November and December for a collective $15 million, company officials said. Read More

Sales Beat

Loft Building in Historic Section of Soho Fetches $14.5M

10 Greene Street.

The property at 10 Greene Street in Soho’s Cast Iron District was sold to Javeri Capital, a family-owned investment firm, for $14.5 million, according to a press release issued by Highcap Group.

The Greene Street loft building, built in 1869, includes roughly 12,500 square feet and sits between Grand and Canal Streets. It has approximately 28 feet of frontage and features a cast-iron facade. The property also has 1,500 square feet of air rights. Read More

Sales Beat

RockFarmer Capital Sells Two Residential Properties for North of $6M

307 East 85th Street

RockFarmer Capital, a provider of integrated real estate investments and service, has sold its properties at 3425 Gates Place in the Bronx and 307 East 85th Street in Manhattan for $6.9 million and $6.4 million respectively, Commercial Observer has learned.

“Closing the sales of 3425 Gates Place and 307 East 85th Street is a result of RockFarmer’s extensive experience, knowledge and vision of redevelopment and real estate markets,” said George Michelis, the co-founder and managing principal of RockFarmer Capital. Read More

Sales Beat

Packer Private School Nabbing Nearby Building for $16M

100 Clinton Street in Brooklyn. (Packer)

Packer Collegiate Institute, an independent, college preparatory school for preschoolers through 12th graders, is in contract to buy 100 Clinton Street at Remsen Street in Brooklyn Heights for $16 million, Commercial Observer has learned.

In an October announcement issued by Packer, the school said the purchase would be its first real estate acquisition since 1967 and would allow for a 12,000-square-foot facility for preschool and kindergarten students. The contract price is $16 million, according to an application submitted to Build NYC, the part of Economic Development Corporation that assists qualified not-for-profit institutions and other entities in obtaining tax-exempt and taxable bond financing. Read More

Sales Beat

Old Met Foods Supermarket Site in Cobble Hill Sells for $18.5M

197-205 Smith Street

The retail property at 197-205 Smith Street in Cobble Hill was sold to a partnership that includes the Jackson Group, Aurora Capital and ACHS Management for $18.5 million, according to a press release issued by real estate firm RKF.

The 20,000 square foot building, located on the northeast corner of Baltic Street, includes 10,000 square feet on the ground floor and 10,000 square feet in the basement. It was previously home to a Met Foods Supermarket. The press release noted the sale included additional air rights of 10,000 buildable square feet for future renovations. Read More

Sales Beat

Newmark Holdings, KABR Group, Twin Oaks Partners Purchase Bushwick Building for $12.5M

7 Bushwick Place.

Newmark Holdings, in conjunction with real estate fund KABR Group and private equity firm Twin Oaks Equity Partners, purchased 7 Bushwick Place, a 71,000-square-foot property in Brooklyn for $12.5 million, according to a press release issued by Newmark Holdings.

The three-story building, which also includes a basement, has been converted from garment manufacturing use to a food manufacturing facility by the previous owner, a private New York family which declined to be identified. Read More

Sales Beat

RXR in Contract to Buy 32 Old Slip for $675M

32 Old Slip. (CoStar)

RXR Realty is in contract to purchase the 1.2-million-square-foot Class A commercial building at 32 Old Slip from Beacon Capital Partners for $675 million, a source with intimate knowledge of the deal told Commercial Observer.

One of the 36-story building’s biggest tenants is American International Group, whose 260,000-square-foot lease expires at the end of 2017.  Read More

Sales Beat

Acuity Capital Buys Six-Building Manhattan Portfolio for $30M

1697 Amsterdam Avenue

Acuity Capital Partners, a Chicago-based private investment firm, has bought six buildings in Upper Manhattan as part of a portfolio containing 102 apartments and 21 retail spaces, Commercial Observer has learned

The buildings in the portfolio include 1697-1707 Amsterdam Avenue in Hamilton Heights, 2500-2504 Adam Clayton Powell Jr. Blvd. in Harlem and 2090-2092 Amsterdam Avenue in Washington Heights. Altogether, the portfolio contains 85,120 square feet of space. Read More

Sales Beat

Sale of Bronx Properties Shatters Borough Record

305-315 East Fordham Road.

The sale of two contiguous retail buildings in the Fordham section of the Bronx have shattered a price per square foot record in the borough, according to a press release issued by Massey Knakal.

First reported by The Real Deal, the two-story properties at 305 and 315 East Fordham Road were sold for $34.6 million, which translates to $1,145 per square foot, eclipsing the former record of $800 per square foot. Altogether, the buildings include 30,240 square feet with seven retail spaces. There is also a combined 195 feet of frontage. Read More

Sales Beat

Sam Chang in Contract for Site Next to R/GA Buy [Updated]

338-340 West 39th Street.

McSam Hotel Group‘s Sam Chang is in contract to buy the industrial loft building adjacent to global digital advertising agency R/GA‘s home, which the hotelier picked up a couple of months ago, Commercial Observer has learned.

Mr. Chang went into contract to purchase 338-340 West 39th Street between Eighth and Ninth Avenues. He is buying the 45,717-square-foot site, which includes a 90-percent occupied 12-story commercial building, for $22.5 million, according to a source with intimate knowledge of the deal.  Read More