Sales Beat

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

Sales Beat

BankNote Building Changes Hands for $114M

BankNote Building Hunts Point (GoogleMaps)

The BankNote building, once the home of the American Bank Note company, was sold last week for $114 million to a joint venture between the Madison Marquette and Perella Weinberg Partners Asset Based Value Strategy.

“We are excited to be acquiring The BankNote Building, a historically significant and renowned property,” David Schiff, a partner at Perella Weinberg Partners, said in a press release. Read More

Sales Beat

Three Washington Heights Buildings Sell for $13.8M

1995-1997 Amsterdam Avenue.

Three Washington Heights six-story walk-up apartment buildings comprised of 53,630 square feet have sold for $13.8 million, Commercial Observer has learned.

Two of the properties, 1001 St. Nicholas Avenue and 2001-2003 Amsterdam Avenue, are contiguous and occupy the entire block front of 159th Street between Amsterdam and St. Nicholas Avenues. The third building, 1995-1997 Amsterdam Avenue, is directly across on the southeast corner of 159th Street. Together they contain 64 apartments and six mom-and-pop shops. The average in-place apartment rent is $1,200 per month. Read More

Sales Beat

29K-SF Harlem Site Sells for $5.35M

2202-2210 Third Avenue.

Joseph Rishty of 2202 Third Ave, LLC has sold a 29,000-square-foot development site at 2202-2210 Third Avenue for $5.35 million.

Eastern Consolidated marketed the location on the corner of Third Avenue and 120th Street for $5.9 million, as Commercial Observer previously reported. Rent-A-Center occupies a three-story, 12,000-square-foot retail building at the site, also known as 181 East 120th Street. The furniture and electronics rent-to-own company triple-net leased the building through November 2015. The deal, which closed over the summer, included 17,000 square feet of available air rights. Read More

Sales Beat

Thor Scores Fifth Avenue Building for $28M

172 Fifth Avenue

Joseph Sitt‘s Thor Equities snapped up a residential and retail property at 172 Fifth Avenue one block south of Madison Square Park between West 22nd Street and West 23rd Street for $28 million, Commercial Observer has learned.

The six-story, 25-unit Midtown South building with retail spaces on the two bottom floors represents the 16th asset Thor has purchased on Fifth Avenue, sources said, but this property, which Mr. Sitt bought from ABC Management Corp., should prove especially attractive due to its location, according to Thor’s website. Read More

Sales Beat

Sitt Asset Management Buys Two Pink Soho Buildings for $30M

161 Prince Street.

Family-owned real estate investment firm Sitt Asset Management has snagged a pair of pink Soho buildings on Prince Street for a combined $30 million.

Sitt spent $15.9 million for 161 Prince Street and $14.1 million for the adjacent 159 Prince Street, both between West Broadway and Thompson Street. The deal closed on Aug. 31 and appeared in public records today. The seller is listed as Hewitt, N.J.-based MRM Equity LLC. Read More

Sales Beat

Silvershore Nabs Bushwick Package for $4.05M

1452 Myrtle Avenue, 1450 Myrtle Avenue and 1488 Myrtle Avenue, from left.

Silvershore Properties has picked up four attached three-story mixed-use buildings in the Bushwick section of Brooklyn in a direct deal for $4.05 million.

David Shorenstein, the company’s principal, said it’s a “very hot” neighborhood and over time his company plans to renovate the buildings, which are at 1446, 1448, 1450 and 1452 Myrtle Avenue, raise the below-market rents and bring in “better tenants for the retail.” They all are fully occupied one- to three-family buildings with retail on the ground floor. The four retail tenants have leases expiring over the next few years, he said. Read More

Sales Beat

Brookland Assembles Park Slope Development Site for $7.4M

550-554 Fourth Avenue in Brooklyn.

Brooklyn-based Brookland Capital has scooped up a Park Slope development site at 550-554 Fourth Avenue at the corner of 15th Street from three different sellers for $7.4 million.

Brookland is plannning to erect a new 13-story condominium with 45 residential units plus retail on the ground floor at the site, said Boaz Gilad, a partner with Brooklyn Capital. The developer hired New York-based architecture firm Roart to design the building. Twenty percent of the condo units will be affordable, Mr. Gilad said. Read More

Sales Beat

Charles Cohen Ventures Downtown With Movie Theater Buy

34 West 13th Street.

Cohen Brothers Realty‘s Charles Cohen has bought the Quad Cinema in Greenwich Village. It marks the first time the company’s president and chief executive has closed a deal downtown.

“I’ve never done anything south of 32nd Street,” Mr. Cohen told Commercial Observer. “I thought given its location and its potential and what my purpose is for it, it was ideal.” Read More

Sales Beat

Manhattan House Retail Sells for $114M

200 East 66th Street.

Munich-based GLL Real Estate Partners has purchased the retail space at Manhattan House on the Upper East Side for $113.5 million, according to property records.

GLL bought the 100,000-square-foot space at the massive condominium at 200 East 66th Street from Madison Capital. JPMorgan Chase & Co was a member of the purchasing group, Crain’s New York Business previously reported. Read More

Sales Beat

Sam Chang Picks Up West 36th Street Building for $50.8M

334 West 36th Street.

Developer Sam Chang‘s McSam Hotel Group has picked up 334 West 36th Street from the Postgraduate Center for Mental Health for $50.8 million. Mr. Chang said he doesn’t know yet whether he plans to erect a hotel or residential rental building at the site.

The sale of the property, which is between Eighth and Ninth Avenues, closed on Aug. 6 and appeared in property records today. Mr. Chang said Postgraduate Center for Mental Health, which provides mental health treatment, housing, job training and placement as well as case management services, retains the right to occupy the premises until next year. Read More