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Sales Beat

Sales Beat

Silvershore Properties Purchases Small Flatiron Building

27 East 20th Street

Silvershore Properties has purchased a 5,200-square-foot mixed-use building for $3.3 million from AY & Associates, which owned the building for over 30 years, Commercial Observer has learned. The deal closed yesterday.

The four-story walk-up building, at 27 East 20th Street between Park Avenue South and Broadway, is home to Rohm Thai restaurant on the ground level and Marie Bové Salon on the second floor. Two floor-through occupied apartments comprise the two top floors. The property includes an additional 4,000 square feet of air rights. Read More

Sales Beat

HAP Investments to Buy East Harlem Site

2211 Third Avenue. (Credit: PropertyShark)

HAP Investments is in contract to acquire a development site at 2211 Third Avenue in East Harlem for $13 million, Commercial Observer has learned.

The buyer intends to develop the 17,500-square-foot site into a 120,000-square-foot mixed-use project, according to a press release announcing the deal. The development will consist of 78,000 square feet of luxury rental residential space, 26,000 square feet of commercial space, 5,000 square feet of parking and 1,000 square feet of community space. Read More

Sales Beat

Walnut Hill Flips Chelsea Building for $80M-Plus, Making 25 Percent Profit

31 West 27th Street

Walnut Hill Group, which purchased 31 West 27th Street from Sharif El-Gamal for $65 million in 2012, has sold the building for $80.8 million following an unsolicited offer from Westbrook Partners, Albert Hwang, a founding managing principal of Walnut Hill Group, told Commercial Observer.

“It was a good price,” Mr. Hwang said. “We like the building. We definitely bought it with the intention to have it long term.” Read More

Sales Beat

Itzhaki Properties Arranges $3.25M Ridgewood Sale

5823-25 Myrtle Avenue.

Itzhaki Properties  has arranged the sale of a mixed-use building located at 5823-25 Myrtle Avenue in Ridgewood, Queens for $3.25 million.

The three-story, 4,264-square-foot property, consisting of five residential units and five commercial units, including a men’s clothing store and a dentist office,  has 11,688 of buildable square feet and will be delivered vacant. Read More

Sales Beat

CRE Partnership Closes on Future Dream Hotel

560 Seventh Avenue

Developer Soho Properties, MHP Real Estate Services and international hotelier Hampshire Hotels have officially acquired 560 Seventh Avenue, formerly occupied by the Parsons School of Design and home to the Bravo reality series Project Runway.

The development project, valued in excess of $300 million, will make way for the creation of a new hotel and retail property at the corner of 40nd Street and Seventh Avenue, featuring a Dream Hotel and 20,000 square feet of destination retail. Read More

Sales Beat

West Village Property with Ralph Lauren Retail Location Trades for $17M

383 Bleecker Street. (Credit:: PropertyShark)

A West Village mixed-use property with a Ralph Lauren retail location at its base has sold for $17 million, according to public records. The five-story building, located at 383 Bleecker Street, was acquired by RWN Real Estate Partners in a deal that closed in February.

In addition to the retail component, the building boasts seven one-bedroom market-rate rental apartments. An 850-square-foot unit in the building last rented for $4,500 per month last year, according to StreetEasy. Read More

Sales Beat

Icon Sells LES Mixed-Use Building for Less Than $17M Ask [Updated]

43-45 Orchard Street

Terrence Lowenberg and Todd Cohen‘s Icon Realty Management has sold an Orchard Street mixed-use building for a bit less than its $16.95 million asking price.

The 15,900-square-foot, seven-story building (plus mezzanine) Lower East Side building at 43-45 Orchard Street between Hester and Grand Streets, which is home to surf apparel store Lost Weekend, was purchased for $16.1 million, according to property records. The sale closed on March 14 and appeared in public records today.  Read More

Sales Beat

Chetrit Tribeca Office Building Sells for $42M [Updated]

396 Broadway

An executive of investment firm Bridgeton Holdings has closed on the purchase of Isaac Chetrit‘s 396 Broadway, near Walker Street, according to property records.

Mr. Chetrit bought the 10-story, 61,000-square-foot Tribeca East Historic District office building in 1994 for $1 million following foreclosure proceedings against former owner Fortune Smooth US Ltd., The Real Deal previously reported. Read More

Sales Beat

Hamilton Heights Portfolio Sells for $19.5M

1616 Amsterdam Avenue

A building across from The City College of New York plus two other buildings in Hamilton Heights have sold in a 97-unit package deal for $19.5 million, Commercial Observer has learned.

The buildings are a seven-story, 52-unit apartment building (with six stores) at 1616 Amsterdam Avenue, across from City College; a six-story, 24-unit apartment building at 3694 Broadway; and a five-story, 21 unit building at 561 West 144th Street. Read More

Sales Beat

Home to The Backroom Bar Sells for $11M

102 Norfolk Street.

Massey Knakal has arranged the sale of a mixed-use building and home to The Backroom Bar and Saro Bistro on the Lower East Side at 102 Norfolk Street for $11 million, Commercial Observer has learned.

The six-story building, located between Delancey and Rivington Streets, contains approximately 16,000 square feet, with 25 apartments on the upper floors atop the bar/restaurants, Read More

Sales Beat

Lloyd Goldman Buys Murray Hill Apartment Building for $126M

The Nash

Lloyd Goldman of BLDG Management has acquired The Nash, a 191-unit apartment building located at 222 East 39th Street in Murray Hill, for $126 million.

The sellers, a partnership led by Atlas Capital, Rockpoint Group and The Procaccianti Group, acquired the debt on the property, then known as the Eastgate Tower Hotel, in 2012 with a plan to convert the building to apartments. The property exited bankruptcy in November 2012 and renovation of the building began in early 2013. Read More

Sales Beat

Madison Capital’s Purchase of 606 Bway Slated to Close by Year’s End

Rendering of 606 Broadway

Madison Capital is expected to close on its purchase of 606 Broadway by the end of the year, Commercial Observer has learned, after going into contract nearly a year ago.

Madison Capital paid $25.825 million for the Soho property as well as $13 million for an alternative parking facility for the Metropolitan Transportation Authority, which leases 606 Broadway from the city under a master lease. Read More