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Sales Beat

Sales Beat

Sharif El-Gamal Purchases Park Place Site, Con Ed to Net $5.5M

45-51 Park Place.

Sharif El-Gamal’s Soho Properties has purchased Consolidated Edison’s property at 49-51 Park Place for $10.7 million.

Plans for the property currently include an Islamic museum and sanctuary space to be designed by Jean Nouvel at 51 Park Place, along with a 619-foot, luxury condominium building at 45 Park Place, an adjacent site, according to releases issued in April and May by Soho Properties. Read More

Sales Beat

Gaia Closes $147M Murray Hill Purchase, Going Condo with Andres Escobar Design

330 East 38th Street.

Investment firm Gaia Real Estate has nabbed 144 units at Murray Hill’s Corinthian from Spitzer Enterprises for $147 million. The sale, at 330 East 38th Street, closed on Aug. 14, with the transaction appearing in public records today. Gaia is converting the units, which Spitzer Enterprises had been renting out, back to condominiums, with an Andres Escobar design, Commercial Observer has learned.

In December 2013, Gaia acquired the whole 50th floor for $14.55 million and is nearing completion of the gut renovation of 15 new condos, which the company will keep for its partners, said Danny Fishman, a managing partner at Gaia. Read More

Sales Beat

Klosed Properties Closes First Soho Acquisition

202 Spring Street.

Klosed Properties has made its first Soho property purchase, picking up a retail condominium unit at 202 Spring Street for $7 million, Commercial Observer has learned. Klosed bought the property in partnership with Namdar Realty Group, said Steven Kachanian, the principal at Klosed. The deal took about two and a half years to complete, Mr. Kachanian said.

David Goldoff of Camelot Realty Group, who was the lone broker in the deal, said the property was on and off the market for three or four years.  Read More

Sales Beat

Certes, United Management Nab UWS S.R.O. for $15M

206 West 95th Street.

Certes Partners and United Management Corp. have purchased the infamous single-room-occupancy hotel Camden Hotel on the Upper West Side for $15 million. The seller of the building, once ranked the 24th Precinct’s second most dangerous building, was Steve Tzolis, owner of Il Cantinori and Periyali restaurants.

Sunder Jambunathan, a principal at Certes, said while the S.R.O. is in place at 206 West 95th Street, its status as such is being wound down. Certes and United Management’s plans for the site are in flux. Read More

Sales Beat

HK, Brickman Pick Up Chocolate Factory Lofts for $68M [Updated]

275 Park Avenue.

HK Organization and Brickman have paid $68 million for the iconic Chocolate Factory Lofts in the Clinton Hill section of Brooklyn. The deal at 275 Park Avenue, which closed this Tuesday, was done in affiliation with private investor Jo-Ann Obergfell.

“We just like the site for the location,” said Harry Kotowitz, a founder and principal at HK. “We believe very much in the Tech Triangle and the Navy Yard. We see an upside in the neighborhood long term.” Read More

Sales Beat

Greenpoint Eberhard Pencil Factory Building in Contract

74 Kent Street. (Leo Tsimmer)

Caerus Group is in contract to buy one of the buildings at the former Eberhard Pencil Factory in the Greenpoint section of Brooklyn, Commercial Observer has learned. The building, at 74 Kent Street between Franklin and West Streets, went into contract for more than $7.5 million, said Leo Tsimmer, senior managing partner at Caerus.

“The purchase was purely based on our belief in the neighborhood and we love the building,” Mr. Tsimmer said. “We like our neighbor [crowdfunding tech startup Kickstarter at 58 Kent Street]. It’s just a cool block. It’s a block and a half from the water. The neighborhood is changing. The vibe is way better than Williamsburg, to my taste. Williamsburg is getting so gentrified it disappears a little bit. That’s why I like Greenpoint so much.” Read More

Sales Beat

Windsor Terrace Apartment Building Sells for $17.5M

101 Ocean Parkway.

An apartment building in the Windsor Terrace neighborhood of Brooklyn has sold for $17.5 million, according to property records. The sale of the property, at 101 Ocean Parkway and adjacent to Kermit Place, closed July 31 and was recorded with the city last Friday.

The purchaser, whose address is stated as that of BCB Property Management at 27 Union Square West, is comprised of three LLCs with a tenancy in common, property records further state. BCB declined to comment on the transaction. Read More

Sales Beat

Central Harlem Mixed-Use Building Sells for $13.8M

15-17 West 116th Street.

A nine-story, mixed-use property at 15-17 West 116th Street in Central Harlem has sold for $13.8 million, Commercial Observer has learned.

The 48,000-square-foot building, located between Fifth and Lenox Avenues, has 38 rental units and ground-floor retail occupied by a TV repair and electronics store, according to Eastern Consolidated. The apartments are all below market-rate, with the average rent at $1,900 per month. The retailer pays $4,200 a month on a lease that expires at the end of the year. Read More

Sales Beat

Madison Realty Buys East Midtown Building for $40.2M

891 First Avenue.

Madison Realty Capital has scooped up 891 First Avenue between 50th and 51st Streets for $40.2 million from Harry Field Realty, LLC, in a deal that also included 45,000 square feet of air rights, according to Joshua Zegen, a co-founder of Madison Realty Capital. The deal closed on July 17 and was recorded in city records today.

At the same time the firm closed on the building sale, Madison Realty Capital acquired a key, 2,900-square-foot corner retail space in the building, previously occupied by Desino restaurant. “They were in litigation with their former owner for non-payment,” Mr. Zegen said. “We struck a deal to buy them out.” Read More

Sales Beat

Bronxdale Multifamily Sells for $16.5M

2141 Holland Avenue

Marlin Management of NY purchased an 86-unit multifamily building with 6,000 square feet of retail space at 2141 Holland Avenue in the Bronxdale area of the Bronx for $16.5 million in a transaction that closed July 28, according to public records.

Marcus & Millichap broker Marco Lala negotiated the sale on behalf of longtime owner Monad Realty, a company owned by a retired police officer who now lives in Florida and made a smart decision not to sell a few years ago. Read More

Sales Beat

Dalan Pays $9.8M for Three Former Extell Retail Condos

32 West 18th Street.

Dalan Management has purchased several retail condominium units in the Flatiron District, which were developed and formerly owned by Extell Development, for $9.8 million, Commercial Observer has learned.

The 9,000-square-foot, off-market deal included two ground-floor units at Altair 18 at 32 West 18th Street and one ground-floor unit at Altair 20 at 15 West 20th Street, plus a 1,000- to 1,500-square-foot vacant basement space in the 18th Street building, said Dalan Principal Daniel Wrublin. The deal closed less than two weeks ago. Mr. Wrublin said the seller is an Israeli entity. Read More

Sales Beat

OCV Architects Trades Up With Greenwich Village Buy

14 East 4th Street.

OCV Architects sold its office condominium in Nolita and is upgrading to bigger digs in Greenwich Village.

The architecture firm nabbed condo units 408, 409 and 410 at 14 East 4th Street, amounting to 7,000 square feet, for $5 million last month. The deal appeared in public records yesterday. The seller, Anthony J. Loscalzo of Loscalzo & Loscalzo, “had reduced the size of his law firm and no longer needed the space,” according to his broker, Michael Rudder of Rudder Property Group. Read More

Sales Beat

34-Year Bronx Leasehold Sells for $18.4M

840 Westchester Avenue.

A 34-year leasehold on a newly constructed two-story retail and office building with a 74-car parking garage in the Morrisania section of the Bronx sold last week for $18.4 million, Commercial Observer has learned.

The 53,705-square-foot building and 24,300-square-foot parking garage is located at 840 Westchester Avenue on the southeast corner of Westchester and Longwood Avenues. The building includes 83,321 square feet of air rights. Existing tenants are Rite Aid, Children’s Health Fund, St. Dominic’s Home and Empire Parking. Their leases expire between 2018 and 2027 and produce a total rental income of $2.1 million, according to the marketing materials.  Read More