Sales Beat

Sales Beat

Urban American Sells Brooklyn, SI Portfolio For $236M

2425-2459 Nostrand Avenue.

After four rounds of bidding, Peter Rebenwurzel‘s Coney Realty Group and David Malek‘s Malek Management have purchased a 15-property residential rental portfolio from Urban American in a $236 million deal that closed last week, Commercial Observer has learned.

The primarily rent-stabilized multi-family properties span 1.5 million square feet and include 1,434 units, seven of which are in North Central Brooklyn, and another seven of which are in South Central Brooklyn. The portfolio also includes a garden apartment complex in the Oakwood section of Staten Island, according to Eastern Consolidated. Read More

Sales Beat

Amirian Group Buys Vacant West 21st Street Building With Condo Plans

117-119 West 21st Street.

David Amirian of The Amirian Group acquired a vacant, four-story building at 117-119 West 21st Street for $28.5 million in a deal brokered by Eastern Consolidated, Commercial Observer has learned.

The new owner plans to redevelop the brick-walled commercial building, located between Avenue of the Americas and Seventh Avenue, into luxury condominiums, according to several people involved. The site, which sits on the border of Chelsea and the Flatiron District, is comprised of 4,353 square feet of land and offers 44 feet of frontage. Read More

Sales Beat

Mixed-Use Building Sale Breaks Record in Dyker Heights

910 81st Street in Brooklyn.

A corner, mixed-use multifamily and retail property at 910 81st Street in Dyker Heights has sold for $8.9 million, Commercial Observer has learned. According to GFI Realty Services, a which represented the seller in the transaction, the sale was a neighborhood record, with a price of $182,000 per residential unit.

GFI Realty Investment Sales Associate Ben Katz represented the seller, a local family investor. Read More

Sales Beat

Mixed-Use Building in Harlem Sold for $10M

500 West 148th Street.

A 33-unit elevator, mixed-use building in Harlem has closed for $9.95 million, Commercial Observer has learned.

The deal to purchase 500 West 148th Street closed on Feb. 27, according to Marcus & Millichap’s Seth Glasser, who worked with Peter Von Der Ahe, Scott Edelstein and Rafi Moskowitz who represented both the buyer and the seller. Read More

Sales Beat

Stagg Nabs Bronx Property for $7.1M

150 Van Cortlandt Avenue East (Photo: CoStar).

Westchester-based Stagg Group has purchased a property in the Bedford Park section of the Bronx for $7.1 million, Commercial Observer has learned.

The 19,811-square-foot Bronx lot at 150 Van Cortlandt Avenue East, a former gasoline fill station that’s been operating as a service station, offers 142,639 buildable square feet, according to marketing materials from Massey Knakal Realty Services (now Cushman & Wakefield). The sellers were JSARC 200 LLC and J & V Properties of NY LLCRead More

Sales Beat

Hornig, Savanna Close on $31M Bronx Building, Rebrand It ‘Bruckner Building’

2415 Third Avenue (Photo: Alex Bitar).

Hornig Capital Partners and Savanna have closed on the $31 million purchase of a South Bronx commercial loft building from Madhatters Realty, Commercial Observer has learned. The buyers will launch a $12 million capital improvement plan and rebrand the property, which is located across the Third Avenue Bridge from Bruckner Boulevard, as The Bruckner Building.

The eight-story, 172,000-square-foot building is at 2417 Third Avenue and sits at at the corner of Third Avenue and East 134th Street in the Mott Haven section of the borough. Read More

Sales Beat

Frenchman Buys Mixed-Use Little Italy Building for $17M

167 Mott Street (photo: CoStar).

A French investor who requested anonymity has purchased a multi-family building in Little Italy, Commercial Observer has learned. The sale closed this afternoon.

Khashy Eyn, the chief executive officer of Platinum Properties, said the buyer paid just shy of $17 million for the walk-up building at 167 Mott Street between Broome and Grand Streets. The seven-story, 17,600-square-foot rental building was erected in 1900, according to Mr. Eyn. It has 26 residential units, with a mix of free-market and rent-stabilized tenants, and two 500-square-foot retail spaces on the ground floor. One of the retail tenants signed a deal last May with an asking rent of $108 per square foot, CoStar indicates. Read More

Sales Beat

B&B Global Development Snaps Up Greenpoint Property for Record $4.8M

977 Manhattan Avenue.

B&B Global Development has purchased a three-story, 14,300-square-foot, mixed-use building in the Greenpoint section of Brooklyn, for $4.8 million. Despite 977 Manhattan Avenue selling for less than its latest $4.995 million asking price, Jeffrey Schleider of Miron Properties said it is a record price for a mixed-use building in that neighborhood. Mr. Schleider brokered the sale along with colleague Bram Lefevere.

B&B plans to build a 17,500-square-foot mixed-use building with 3,000 square feet of retail on the ground floor and residential condominiums above, according to Victor Baranes, the president of B&B. He said the building will be eight stories with 14 apartments. Mr. Baranes has tapped Gerald J. Caliendo Architect as the architect for the project. Read More

Sales Beat

Savanna Sells 576 Fifth Avenue to Real Estate Equities

576 Fifth Avenue.

Real estate private equity and asset management firm Savanna has sold its leasehold on its 72,000-square-foot office building at 576 Fifth Avenue to Michael Miller, Brandon Miller and Mark Seigel of Real Estate Equities Corp, Commercial Observer has learned.

The property, which was sold for an undisclosed amount, sits on the corner of Fifth Avenue and East 47th Street in Midtown’s Diamond District. Today, there is a jewelry exchange on the ground floor and office space on the upper floors of the 11-story building, constructed in 1907. Read More

Sales Beat

Four W’burg Properties Sell for 16.5 Times the Rent Roll

949-959 Metropolitan Avenue.

Sal Mendolia‘s Cormen Enterprise yesterday sold four contiguous rent-stabilized properties on Metropolitan Avenue in East Williamsburg for $9 million, the brokers in the deal told Commercial Observer.

The four four-story, eight-unit properties, which span 949-959 Metropolitan Avenue between Olive Street and Morgan Avenue, sold for 16.5 times the rent roll, said Marcus & Millichap broker Shaun Riney. He and his Marcus & Millichap colleagues Mike Salvatico and Jim Saros represented the buyer in the deal and co-marketed the property with EXR Group‘s Sam Rubin and Mario Faggiano. Read More

Sales Beat

Benchmark Buys Two WV Apt. Buildings Within One Week

82-84 West 12th Street.

Benchmark Real Estate Group has picked up two apartment buildings in the West Village, Jordan Vogel, a principal at Benchmark, told Commercial Observer. The firm bought 82-84 West 12th Street for $22.8 million on Feb. 4, he said, and a week prior, 194 West 10th Street for $9.3 million. The West 10th Street sale closed on Jan. 28 and was filed with the city last Thursday.

“There’s been a fight to quality,” Mr. Vogel said. “[I] used to say anything prime Manhattan. Now I’d much rather be in the West Village than on the Upper East Side. We’re seeking the highest rent districts.” Read More

Sales Beat

East Flatbush’s Clarendon Gardens Sells for $32.5M

Clarendon Gardens.

Clarendon Gardens, a seven-building post-war apartment complex in East Flatbush, has been sold for $32.5 million, Commercial Observer has learned.

The property was purchased by Morris Weinberg, who bought the complex under the name Clarendon Gardens LLC, from real estate investment firm KMG Partners. The firm bought the complex in 2007 for $19.5 million. Read More

Sales Beat

Manhattan Country School Closes $28M Buy on UWS

150 West 85th Street.

The Manhattan Country School has closed on its $28 million purchase of 150 West 85th Street, now home to Mannes College The New School for Music, according to property records. The deal closed on Jan. 23 and was recorded with the city today.

The building, completed in 1924 and situated between Columbus and Amsterdam Avenues, will be able to house a gym and science lab, among other amenities, over its 36,000 square feet. The school is expected to move from its current home at 7 East 96th Street between Central Park West and Columbus Avenue in 2016, according to a Wall Street Journal article from last September. Read More

Sales Beat

Prana Growth Fund Buys Two Bronx Multifamily Buildings

1115 College Avenue and 1249 Webster Avenue

San Francisco-based Prana Growth Fund, operated by Kurt McCracken, Richard Esposito and Peter Larsen, has bought two multifamily properties in the Fleetwood-Concourse Village section of the South Bronx for $6 million, according to the brokers for the seller. The two properties, at 1115 College Avenue and 1249 Webster Avenue, have 53 units.

“The seller took two buildings saddled with violations, made significant capital improvements, and transformed them into well-managed, high performing properties that are in excellent condition,” said Scot Hirschfield, a vice president of Ariel Property Advisors, in prepared remarks. ”In addition, the buildings have tremendous room for rent growth.” Read More