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Sales Beat

Sales Beat

Treetop Nabs $10M Washington Heights Portfolio

The Washington Heights portfolio.

Adam Mermelstein‘s Newark, N.J.-based Treetop Development has picked up a Washington Heights portfolio of low-rise walk-up apartment buildings for $10 million from Onex Real Estate PartnersCommercial Observer has learned.

The $5.5 million sale of 432-434 West 163rd Street between Amsterdam and Edgecombe Avenues closed two days ago, according to property records made public yesterday. The contiguous two five-story buildings at 612-618 West 182nd Street, between Wadsworth and St. Nicholas Avenues, also sold for $4.5 million, Ariel Property Advisors said. Read More

Sales Beat

GDC Properties Plans Townhouses for LIC Industrial Sites

The Long Island CiIty Waterfront.

Hawthorne, N.Y.-based GDC Properties is planning a townhouse development for its recent acquisition of two contiguous industrial sites at 11-24 45th Road and 45-35 11th Street in the Long Island City neighborhood of Queens, Commercial Observer has learned.

“We’re happy to have found a site in New York City where it is very competitive,” William Ingraham, the company’s president, said. “It is a unique site with long frontage on a renovated park.” Read More

Sales Beat

Victor Homes Buys NoMad Buildings for $35M

273 and 275 Fifth Avenue

The owners of two NoMad buildings, one commercial and the other residential, have sold the two properties for $35 million. The new owner, New Jersey-based developer Victor Homes, plans to “combine them in some manner” with two other parcels it owns on the block and erect “a residential condo project,” said Victor Homes’ attorney in the deal, Samuel Ofsevit of Phillips Nizer.

On Oct. 22, Victor Homes closed on the $19.5 million acquisition of the four-story, 8,060-square-foot office building 273 Fifth Avenue and $15.5 million purchase of the five-story 9,280-square-foot residential 275 Fifth Avenue, between 29th and 30th Streets. Read More

Sales Beat

NYU Adds Two Noho Properties to its Portfolio

708 Broadway.

New York University, one of the largest landowners in the city, has added two more downtown buildings to its portfolio: 404 Lafayette Street and 708 Broadway.

The connected properties, located in the Noho Historic District, were purchased for $157 million and are both currently vacant. Together, the buildings have roughly 151,000 square feet. Read More

Sales Beat

Houlihan Parnes Partners Sell Murray Hill Building for $13.4M

28-30 East 38th Street.

Two partners at Houlihan Parnes Realtors have sold a Murray Hill building to a doctor who buys and holds real estate for $13.4 million, Commercial Observer has learned.

The sale of the six-story elevator building at 28-30 East 38th Street between Park and Madison Avenues was brokered exclusively by Amit Doshi of Besen & Associates. The building has 23 apartments and a dentist’s office. Erected in 1900, the building is 20,110 square feet. Nearly half of the apartments are rent-stabilized. The average apartment rent in the building is $2,176 per month. Read More

Sales Beat

Daten Group Buys Vacant Clinton Hill Gas Station for $7.4M

A rendering of 840 Fulton Street.

An affiliate of New York City developer The Daten Group has purchased a vacant gas station at 840 Fulton Street in the Clinton Hill section of Brooklyn for $7.4 million, Commercial Observer has learned. The developer plans to build a seven-story, 40,000-square-foot building on the lot, with 38 residential rental units, 20 percent of which will be affordable.

The seller of the 6,724-square-foot property, which is at Vanderbilt Avenue, is Fulvan Realty LLC, a long-term owner of multiple gas stations in the area. The deal, which closed on Sept. 30, included 3,464 square feet of air rights from the neighboring property at 848 Fulton Street, according to a spokeswoman for the Daten Group. Read More

Sales Beat

Chang Closes on R/GA Garment Center Buy

350 West 39th Street.

Sam Chang of McSam Hotel Group on Tuesday closed the $112 million purchase of 350 West 39th Street, home to global digital advertising agency R/GA, Commercial Observer has learned.

Mr. Chang said he doesn’t know what he plans to do with the site, which is what he told Commercial Observer in June when he signed the contract. R/GA will be occupying the location until Oct. 31, 2015, Mr. Chang said, so he has time to sort it out. But the prolific hotelier could very well be considering building another hotel. Read More

Sales Beat

Slate Scoops up Four Properties for Over $22M

457 15th Street Brooklyn

Slate Property Group has closed on two multifamily properties on the Upper East Side, one multifamily in East Harlem and one in Park Slope, Brooklyn for a collective $22.2 million with future plans both for extensive renovations at the firm’s new assets and $60 million worth of additional multifamily buys under contract, Commercial Observer has learned.

While company officials aren’t disclosing the properties that are under contract, the residential purchases at 342 East 85th Street between First and Second Avenues for $6.1 million, 1908-1910 Third Avenue between East 105th and East 106th Streets for $10 million and 457 15th Street next to Prospect Park for $6.2 million represent a step forward in the company’s business approach, said Martin Nussbaum, Slate’s principal and co-founder. Read More

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