Topic:

Sales Beat

Sales Beat

Hornig, Savanna Buy Original Schlitz Brewery for $33.7M [Update]

95 Evergreen Avenue.

Daren Hornig‘s Hornig Capital Partners, Savanna and Chelsea Village Associates have purchased a 170,000-square-foot warehouse building at 95 Evergreen Avenue in Bushwick for $33.7 million, Commercial Observer has learned. The sale of what was originally constructed as the historic Schlitz Brewery closed today.

According to Lee Silpe, the senior analyst and chief operating officer of Berko & Associates, the massive building on the corner of Evergreen Avenue and George Street was sold by a group of investors under the name 95 Evergreen Associates and led by Moshe Gottesman. Mr. Silpe represented the seller. Joe Berko of Berko & Associates represented the buyer. Read More

Sales Beat

Rabsky Group Acquires Park Slope Assemblage for $15.5M

189-195 Prospect Avenue

Simon Dushinsky‘s Rabsky Group bought six adjacent properties in the Park Slope neighborhood of Brooklyn for $15.5 million, Commercial Observer has learned.

The developer, which has already filed plans with the city for a 129-unit residential building on the site, purchased 189-195 Prospect Avenue for $7.5 million in a deal that closed last month, according to city property records. The same buyer is also in contract to purchase four other lots nearby at 575-581 Fourth Avenue for about $8 million in the first quarter of the year, said brokers from CPEX Real Estate. Read More

Sales Beat

Paramount Homes Picks Up Bronx Complex for $16.2M

3224 Grand Concourse.

Paramount Homes, a New Jersey-based community home builder, has purchased an eight-building Bronx complex on the Grand Concourse for $16.2 million, according to property records.

An LLC called 3224 Grand Concourse LLC sold 3224 Grand Concourse to Paramount Homes on Nov. 11 and the Bedford Park neighborhood sale was filed with the city today. Read More

Sales Beat

Jaz Patel Buys Garment Center Property for $23.5M

319-321 West 38th Street. (Massey Knakal Realty Services marketing materials)

Jaz Patel, a principal with Long Island City-based hotel investment group LeTap Group, has purchased the four-story walkup residential condominium building at 319-321 West 38th Street for $23.5 million, Commercial Observer has learned, and he is likely to erect a hotel in its place.

“This transaction was very complicated given the nature of the assets that were sold and the slew of parties involved,” said Robert Knakal, chairman of Massey Knakal Realty Services. “Selling a cooperative would have been much easier. Given escalating land values, we expect to see several more of these transactions in the coming months.” Read More

Sales Beat

Brodsky Sells Three West Village Apartment Buildings for $12.1M

224 and 226 West 13th Street.

The Brodsky Organization has sold three small West Village apartment buildings to Jam Realty for $12.1 million, property records indicate.

The buildings are 102 Greenwich Avenue, a four-story, 14-unit building between West 12th and West 13th Streets, and two buildings between Greenwich and Seventh Avenues: the five-story 224 West 13th Street with 10 units and 226 West 13th Street, a 2.5-story building with more than 10 units.  Read More

Sales Beat

Thor Closes on $27M UES Townhouse Purchase

36 East 61st Street.

Thor Equities has closed on the $27 million acquisition of a Madison Avenue townhouse from Coral Gables, Fla.-based Cisneros Group. The sale of 36 East 61st Street closed on Dec. 15 and appeared in public records today.

As Commercial Observer previously reported, Thor was slated to buy the townhouse which has seven stories and comprises 15,900 square feet, with the property providing a prospective tenant with a “blank canvas” with which to work. Read More

Sales Beat

Sitt Asset, Sutton Equity Selling 1369 Broadway for $40M

1369 Broadway

Ryms Realty is buying Sitt Asset Management and Sutton Equity‘s 1369 Broadway on the corner of West 37th Street for $40 million, Commercial Observer has learned.

Ryms, owned by Moshe Piller and Saul Piller, is purchasing the six-story, 20,500-square-foot property in an off-market deal expected to close in March, according to a source with intimate knowledge of the transaction. The building was constructed in 1928. Read More

Sales Beat

TIAA-CREF Acquires Chelsea Retail Condo for $42M

636 Avenue of the Americas.

TIAA-CREF picked up an 18,280-square-foot retail condominium in Chelsea for $42 million yesterday, according to a source with intimate knowledge of the deal.

The space, at 636 Avenue of the Americas on the northeast corner of West 19th Street, is comprised of 9,465 on the ground floor with the remainder functioning as a selling basement. CVS recently opened in the entire condo on a new long-term lease, the source said. Read More

Sales Beat

Broad Street Development Nabs Two Mulberry Street Properties for $178.5M

The properties on Mulberry Street acquired by Broad Street Development.

Broad Street Development, in conjunction with investment partner Crow Holdings, acquired two multi-family buildings on Mulberry Street in Soho for $178.5 million, according to a press release issued by Broad Street Development.

The properties, 298 Mulberry Street and 304 Mulberry Street, between East Houston Street and Bleecker Street, collectively include 182 apartments and 11,825 square feet of ground-floor retail space with frontage on Houston and Mulberry Streets. GID Investment Advisors, a Boston-based firm, sold the properties. It was not immediately clear how much GID Investment Advisors paid for the property when it was purchased in 2005.  Read More

Sales Beat

Salvation Army Nears Deal to Sell Bedford Avenue Site

176 Bedford Avenue.

The former Williamsburg site of a Salvation Army thrift shop will soon be snapped up, Commercial Observer has learned.

While it was previously reported that the religious and social service organization had plans to erect a two-story, 10,000-square-foot building for thrift shopping at 176 Bedford Avenue, Major Charles S. Foster, the command property secretary major for the Salvation Army, said that the organization is near a deal to sell the North Seventh Street property. Read More

Sales Beat

Heritage Equity Closes on W’burg Site for $28.3M

215 Moore Street. (Massey Knakal Realty Services listing)

Toby MoskovitsHeritage Equity Partners has closed on the purchase of Cooper Tank & Welding Corp.‘s 2.3-acre site in East Williamsburg for roughly $28.3 million, Commercial Observer has learned.

The sale of 215 Moore Street closed last Tuesday, according to Seth Peyser with Epic Commercial Realty, who represented Ms. Moskovits in the deal. Read More

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 Ninth 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 Realty Services.

The building, which sits between Graham Avenue and Humboldt Street, was sold in an all-cash transaction valued at $4.4 million. 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 Sells 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