Topic:

Sales Beat

Sales Beat

UWS Site Sells for $13.3M After Potential Air Rights Snafu

207 West 75th Street.

The seller of a 14,750-square-foot Upper West Side development site almost lost out on millions of dollars by previously selling off part of the building’s air rights,Commercial Observer has learned.

Felipe Coello, who is part of a Mexican family fund, has sold 207 West 75th Street between Amsterdam Avenue and Broadway to Howard Neu for $13.3 million, said Timour Shafran of Citicore, who brokered the deal along with colleague Benjamin Shafran. Read More

Sales Beat

Dalan Buys Two Midtown South Office Buildings for $36M

12 East 33rd Street.

Dalan Management has paid $36 million for two Midtown South office properties comprised of 22 full-floor office lofts and ground-floor retail space as part of a 1031 exchange, Commercial Observer has learned.

The company bought the 12-story buildings at 10 East 33rd Street and 12 East 33rd Street between Madison and Fifth Avenues from Adee Associates, said Daniel Wrublin, a co-founder and principal at Dalan Management, after selling three Washington Heights buildings in November for $16 million. The East 33rd Street buildings comprise 61,100 square feet and could be converted into residences or a hotel.  Read More

Sales Beat

Bible Society Sells Columbus Circle Building to AvalonBay for $300M

1865 Broadway.

After nearly 50 years of ownership, American Bible Society has sold its Columbus Circle headquarters to equity real estate investment trust AvalonBay for $300 million, according to a press release issued by Cushman & Wakefield, which brokered the deal for both sides.

American Bible Society purchased the 49-year-old building at 1865 Broadway between West 61st and West 62nd Streets for $5.5 million in 1966, according to the bible society. Read More

Sales Beat

Chetrit Closes on $191.9M Purchase of Hotel Carter [Updated]

Hotel Carter. (TripAdvisor)

Chetrit Group has closed on its $191.9 million purchase of the infamous Hotel Carter, public records filed today show, and took out $150 million in mortgages from Athene Annuity, a Wilmington, Del.-based life insurance company.

The seller of the former flophouse at 250 West 43rd Street was Alphonse Hotel Corp., a company controlled by the heirs of deceased Vietnamese businessman Tran Dinh Truong. Attorney Ernst Rosenberger of Stroock & Stroock & Lavan, the court-appointed temporary administrator of the Truong estate, said the building was sold in order to distribute the assets. Since Truong had no will, it has been, and remains, unclear, who the distributees are, Mr. Rosenberger said. Read More

Sales Beat

Benchmark Sells Flatiron District Residential Building for $13.4M

28 West 26th Street.

Less than three years after buying a 27-unit residential building in the Flatiron District, Benchmark Real Estate Group has sold it for roughly double what it picked it up for, property records indicate.

Long Island-based Gould Investors purchased the seven-story elevator building at 28 West 26th Street for $13.4 million from Benchmark. The deal closed on Jan. 8 and was recorded with the city on Jan. 21. Benchmark bought the building for $6.3 million in April 2012. Read More

Sales Beat

W’burg’s 340 Wythe Avenue Sells for $7.5M

340 Wythe Avenue.

The building at 340 Wythe Avenue in South Williamsburg has sold for $7.5 million, Commercial Observer has learned.

According to a spokeswoman for TerraCRG, the firm that brokered the transaction, the 8,633-square-foot “L-shaped” property is zoned for commercial use and sits between South First and South Second Streets. Read More

Sales Beat

Thor Closes on $260M NoMad Purchase, Plans to Go Condo

212 Fifth Avenue.

Developers Thor Equities and Madison Equities along with real estate equity, development and property management firm Building and Land Technology have closed on the $260 million purchase of a NoMad property from Extell Development.

The deal for 212 Fifth Avenue, the 220,000-square-foot office building at West 26th Street, closed on Jan. 20 and was recorded with the city last Friday. While property records list the buyer as 212 FIFTH AVENUE VENTURE, Thor, Madison Equities and BLT bought the property together, as The Real Deal previously reported. Read More

Sales Beat

Aini Family Partnership Buys 145 West 45th Street

145 West 45th Street.

A partnership led by the New York-based Aini family acquired a 12-story office property at 145 West 45th Street with a $40 million loan from New York Community Bank, Commercial Observer has learned.

The new owners acquired the property from Queens-based Samson Management for an undisclosed price, according to a person familiar with the transaction. Read More

Sales Beat

Rehab Consortium Nabs Bensonhurst Nursing Home for $30M

2266 Cropsey Avenue

Allure Group, a for-profit consortium of rehabilitation centers, has purchased what was called the Sephardic Nursing and Rehabilitation Center in Bensonhurst. The property sold for $30.1 million on Dec 31, according to public records filed with the city on Tuesday.

The site at 2266 Cropsey Avenue between Bay 32nd Street and 23rd Avenue, sold by Sephardic Home for the Aged, is comprised of 83,388 square feet, according to PropertyShark. Read More

Sales Beat

JTRE Holdings Buys Midtown Garage for $21M

240 East 54th Street

Jack Terzi of JTRE Holdings has closed on the purchase of a three-story Midtown East parking garage at 240 East 54th Street between Second and Third Avenues, for $21 million. The property went under contract in December, as The New York Post previously reported and public records indicate the seller was Gould Investors.

The sale closed on Jan. 13 and was recorded with the city yesterday. Read More

Sales Beat

Stagg Group Picks Up Bronx Site, Plans Second Webster Avenue Rental Project

3084 Webster Avenue and 410-414 East 203rd Street.

Fresh off receiving 50,000 applications for affordable housing at its soon-to-open Bedford Park Manor in the Bronx, Stagg Group has scooped up another site on the newly rezoned Webster Avenue with plans for another residential rental building.

Mount Vernon-based Stagg paid $4.1 million for a Norwood area property at 3084 Webster Avenue, in a deal including the adjoining 410-414 East 203rd Street, that closed last month and was recorded with the city last Wednesday. Direct private bridge lender Titan Capital ID provided a $2.9 million loan at a 70 percent loan-to-value ratio. The site looks like “a gun pointing west,” said Adolfo Carrión, Jr., the executive vice president for Stagg. Read More

Sales Beat

Sam Chang Closes on $22.5M Garment Center Purchase

338-340 West 39th Street.

McSam Hotel Group‘s Sam Chang has closed on his $22.5 million purchase of the industrial loft building at 338-340 West 39th Street between Eighth and Ninth Avenues, Commercial Observer has learned. He went into contract to purchase the building between Eighth and Ninth Avenues at the beginning of December, as Commercial Observer previously reported, and the deal closed last Thursday, Mr. Chang said.

Mr. Chang said he wanted the site because it’s adjacent to what was global digital advertising agency R/GA‘s home at 350 West 39th Street, which the hotelier bought last October for $112 millionRead More

Sales Beat

Amirian Group, Bridgeton Holdings Buy EV Parking Garages for $9.5M [Updated]

436 East 13th Street

Developers Amirian Group and Bridgeton Holdings have acquired two former parking garages in the East Village for $9.5 million in a deal that closed this past Friday.

The Quantano family sold the two equal-sized sites at 436 and 442 East 13th Street between First Avenue and Avenue A, according to Ivan Hakimian, the president of HPNY, who consulted on the deal. Together, the properties comprise 26,300 buildable square feet, Mr. Hakimian indicated. Read More

Sales Beat

Quantum Equities Buys Prewar Multi-Family in Northern Manhattan

4 South Pinehurst Avenue.

Brooklyn-based Quantum Equities, a privately owned investor of multifamily and commercial properties in the New York metropolitan area, has bought 4 South Pinehurst Avenue on the corner of West 177th Street, Commercial Observer has learned.

L&L Realty Equities sold the pre-war building, which includes 59,000 square feet and 43 apartments, to Quantum Equities for approximately $9 million, according to a press release issued by the buyer. Read More