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Sales Beat

Sales Beat

Savanna and Feil Sell 21 Penn to TIAA-CREF

21 Penn Plaza

Financial services company TIAA-CREF has purchased the 16-story, 378,547-square-foot 21 Penn Plaza building from Savanna and the Feil OrganizationCommercial Observer has learned.

While representatives for both sides of the deal declined to state the purchase price of the renovated Class B building that sits one block west of Penn Station, the owners placed the property on the market this summer with an asking price of about $250 million, Crain’s New York Business reported. Savanna and Feil inked 225,000 square feet of leases and implemented $5 million in building upgrades to deliver the property to TIAA-CREF with 98 percent occupancy, said Robert Knakal of Massey Knakal Realty Services. Read More

Sales Beat

W’burg Eatery Sells Parking Lot for $9.6M

526 Union Avenue

The 114-year-old North Williamsburg Italian eatery Bamonte’s has sold its 10,000-square-foot parking lot to Alliance Private Capital Group for $9.6 million, Commercial Observer has learned.

The development site at 526 Union Avenue allows CEO Michael Kohn’s company to build up to 36,000 square feet on the site, which is zoned residential, brokers from MNS Investment Sales & Advisory told CO. The sale, which hasn’t hit property records, closed Nov. 5 and calculates out to just over $266 per square foot. Alliance officials intend to build a residential property on the site, MNS broker David Behin said. Read More

Sales Beat

Nonprofit Nabs Condo at Setai Wall Street for $8.5M

40 Broad Street. (CityRealty)

Anti-poverty, policy and advocacy nonprofit Federation of Protestant Welfare Agencies has purchased a 17,786-square-foot unit at 40 Broad Street, also known as the Setai Wall Street, for $8.5 million, Commercial Observer has learned.

The commercial unit spans the entire fifth floor and the city’s Department of Buildings has already approved plans there for 47 executive offices, according to the marketing materials. The nonprofit is expected to relocate from its headquarters at the landmarked Church Missions House at 281 Park Avenue South, which it is in contract to sell for $50 millionRead More

Sales Beat

Brack Capital Closes on WV Building for $106M

627 Greenwich Street.

Netherlands-based development and investment group Brack Capital Real Estate yesterday closed on the $106 million acquisition of a 12-story commercial building in the West Village from investment firm Criterion Real Estate Capital, Commercial Observer has learned.

The building at 627 Greenwich Street between Leroy and Morton Streets is 106,400 square feet and is vacant. Read More

Sales Beat

Thrift Shop Operator Buys Bronx Properties for $7.2M

4250-4280 White Plains Road.

The operator of Le Point Value Thrift, a chain of thrift shop clothing stores in Brooklyn and the Bronx, has closed on the $7.2 million purchase of a block-front commercial property and an adjacent two-family house in the Wakefield section of the Bronx, Commercial Observer has learned.

The three properties, comprising 24,661 square feet, are at 4250-4280 White Plains Road, a one-story commercial building, and the fully occupied two-story residential 712 East 236th Street. Read More

Sales Beat

Thor Grabs Retail Condo Near Brooklyn Navy Yard

68 Washington Avenue

Thor Equities purchased a 1,824-square-foot ground-floor retail condominium at 68 Washington Avenue near the Brooklyn Navy Yard for $900,000, Commercial Observer has learned.

Thor is seeking a restaurant or bar tenant for the Clinton Hill property that the company closed on in the last week of October, noted Andre Sigourney of the CPEX Real Estate retail investment sales team. Read More

Sales Beat

113 Stanton Street Sells for $5.3M

113 Stanton Street.

Pambar Realty has sold 113 Stanton Street to SMA Equities in an off-market deal for $5.3 million, Commercial Observer has learned. Built in 1900, 113 Stanton Street is a five-story, mixed-use multifamily property on the Lower East Side. It includes four, full-floor apartments. Furniture store Las Venus occupies the ground-floor retail space, which is roughly 1,500 square feet. The rest of the building is comprised of rent-stabilized apartments with one free-market tenant, according to Town Residential. Read More

Sales Beat

Heritage Equity in Hard Contract for $29.5M Williamsburg Site [Updated]

215 Moore Street. (Massey Knakal Realty Services listing)

Toby MoskovitsHeritage Equity Partners is in hard contract for a 2.3-acre site in East Williamsburg, Commercial Observer has learned. The developer, who is slated to close on the deal soon, plans to build out tech and creative office space at the site, which can accommodate a 170,000-square-foot commercial development, sources with intimate knowledge of the deal said.

Heritage is paying around the $29.5 million asking price for the site at 215 Moore Street, the sources said. The site, which is comprised of five industrial buildings totaling 47,000 square feet, spans from Seigel to Moore Streets between White Street and Bushwick Avenue. Read More

Sales Beat

Property at 46 Old Fulton Street in Dumbo Flips for $6.7M

The property at 46 Old Fulton Street.

The property at 46 Old Fulton Street in Brooklyn’s Fulton Ferry-Dumbo neighborhood sold yesterday for for $6.7 million, Commercial Observer has learned.

“The process was exaggerated due to the impeding loft law case, but the prime location called for a ton of interest in the property,” said TerraCRG’s Melissa Warren, one of the exclusive agents marketing the building. The property was put in contract in mid-July 2014. Read More

Sales Beat

Vornado Makes Big Midtown Sale, Big UES Retail Buy

1740 Broadway

Vornado Realty Trust has reached an agreement to sell its 601,000-square-foot office building at 1740 Broadway for roughly $605 million and finalized the joint $700 million purchase of the retail condominium on the ground floor of the St. Regis hotel and an adjacent retail townhouse on Fifth Avenue, the company announced this morning.

Company officials will spin off the approximately $483 million in tax gains by reinvesting them in a tax-deferred exchange towards the acquisition of the retail space on the southeast corner of 55th Street, where Vornado closed as the 75 percent partner in the joint buy of the property with Crown Acquisitions. Read More

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