Sales Beat

Sales Beat

Central Harlem Mixed-Use Building Sells for $13.8M

15-17 West 116th Street.

A nine-story, mixed-use property at 15-17 West 116th Street in Central Harlem has sold for $13.8 million, Commercial Observer has learned.

The 48,000-square-foot building, located between Fifth and Lenox Avenues, has 38 rental units and ground-floor retail occupied by a TV repair and electronics store, according to Eastern Consolidated. The apartments are all below market-rate, with the average rent at $1,900 per month. The retailer pays $4,200 a month on a lease that expires at the end of the year. Read More

Sales Beat

Madison Realty Buys East Midtown Building for $40.2M

891 First Avenue.

Madison Realty Capital has scooped up 891 First Avenue between 50th and 51st Streets for $40.2 million from Harry Field Realty, LLC, in a deal that also included 45,000 square feet of air rights, according to Joshua Zegen, a co-founder of Madison Realty Capital. The deal closed on July 17 and was recorded in city records today.

At the same time the firm closed on the building sale, Madison Realty Capital acquired a key, 2,900-square-foot corner retail space in the building, previously occupied by Desino restaurant. “They were in litigation with their former owner for non-payment,” Mr. Zegen said. “We struck a deal to buy them out.” Read More

Sales Beat

Bronxdale Multifamily Sells for $16.5M

2141 Holland Avenue

Marlin Management of NY purchased an 86-unit multifamily building with 6,000 square feet of retail space at 2141 Holland Avenue in the Bronxdale area of the Bronx for $16.5 million in a transaction that closed July 28, according to public records.

Marcus & Millichap broker Marco Lala negotiated the sale on behalf of longtime owner Monad Realty, a company owned by a retired police officer who now lives in Florida and made a smart decision not to sell a few years ago. Read More

Sales Beat

Dalan Pays $9.8M for Three Former Extell Retail Condos

32 West 18th Street.

Dalan Management has purchased several retail condominium units in the Flatiron District, which were developed and formerly owned by Extell Development, for $9.8 million, Commercial Observer has learned.

The 9,000-square-foot, off-market deal included two ground-floor units at Altair 18 at 32 West 18th Street and one ground-floor unit at Altair 20 at 15 West 20th Street, plus a 1,000- to 1,500-square-foot vacant basement space in the 18th Street building, said Dalan Principal Daniel Wrublin. The deal closed less than two weeks ago. Mr. Wrublin said the seller is an Israeli entity. Read More

Sales Beat

OCV Architects Trades Up With Greenwich Village Buy

14 East 4th Street.

OCV Architects sold its office condominium in Nolita and is upgrading to bigger digs in Greenwich Village.

The architecture firm nabbed condo units 408, 409 and 410 at 14 East 4th Street, amounting to 7,000 square feet, for $5 million last month. The deal appeared in public records yesterday. The seller, Anthony J. Loscalzo of Loscalzo & Loscalzo, “had reduced the size of his law firm and no longer needed the space,” according to his broker, Michael Rudder of Rudder Property Group. Read More

Sales Beat

34-Year Bronx Leasehold Sells for $18.4M

840 Westchester Avenue.

A 34-year leasehold on a newly constructed two-story retail and office building with a 74-car parking garage in the Morrisania section of the Bronx sold last week for $18.4 million, Commercial Observer has learned.

The 53,705-square-foot building and 24,300-square-foot parking garage is located at 840 Westchester Avenue on the southeast corner of Westchester and Longwood Avenues. The building includes 83,321 square feet of air rights. Existing tenants are Rite Aid, Children’s Health Fund, St. Dominic’s Home and Empire Parking. Their leases expire between 2018 and 2027 and produce a total rental income of $2.1 million, according to the marketing materials.  Read More

Sales Beat

Fordham Closes on $50M New Space Near Lincoln Center

43 West 61st Street.

Fordham University has closed on the $49.6 million purchase of a portion of the building at 43 West 61st Street from the College Entrance Examination Board, property records indicate.

The building, alternatively known as 45 Columbus Avenue, is located between 61st and 62nd Streets and Columbus Avenue and Broadway, within several blocks of Lincoln Center. Read More

Sales Beat

East Flatbush Apartment Building Sells for $3.8M

536 East 96th Street

A 31-unit apartment building at 536 East 96th Street between Linden Boulevard and Church Avenue in East Flatbush, Brooklyn has sold for $3.8 million, according to a release from Marcus & Millichap.

The sale of the fully occupied building closed July 23, according to Derek Bestreich of Marcus & Millichap. Both parties in the deal were private investors. Read More

Sales Beat

Savanna Selling Twitter’s East Coast HQ in Chelsea for $335M [Updated]

245-247 West 17th Street.

The public New York REIT, formerly American Realty Capital New York Recovery REIT, has agreed to purchase Twitter‘s East Coast headquarters in Chelsea from Savanna Capital Partners for $335 million, according to releases issued by New York REIT and Savanna. The contract was signed on Tuesday, according to the president of New York REIT, and he expects it to close within the next 30 days.

As first reported by Commercial Observer, following a $29.4 million gut renovation, Savanna put 245-249 West 17th Street on the market, hiring Eastdil Secured to sell the 12-story office tower and adjacent six-story mixed-used building. Read More

Sales Beat

LIVWRK Buys Red Hook Building from Ship Repair Company for $21.5M

160 Van Brunt Street.

LIVWRK has closed on the purchase of a three-story 98,650-square-foot industrial Red Hook building from large ship engine repair company Golten Marine, Commercial Observer has learned. The deal closed yesterday at $21.5 million.

Golten Marine owned and operated out of the building, at 160 Van Brunt Street for 75 years. There are seven or eight tenants remaining in the building who occupy a total of 20,000 square feet through expired or month-to-month leases, said Dan Marks of TerraCRG, who exclusively negotiated the deal with colleagues Ofer Cohen, Melissa DiBella, Peter Matheos and Michael Hernandez.  Read More

Sales Beat

UWS Condo Package Sells for $9.65M

610 West 110th Street

JAMES Development Company purchased a condominium package at 610 West 110th Street for $9.65 million on July 2, Commercial Observer has learned. The units, which are comprised of 20,700 square feet, were bought from a partnership including Ares Management, Urban American Management and Ramius LLC, according to a release from Eastern Consolidated.

The 18-unit collection was sold “at a substantial discount to its vacant market value,” according to the release. The New York City-based buyer owns and manages apartments in condominiums and co-ops, according to JAMES Development Company’s website. Read More

Sales Beat

Silvershore Properties Sells 101 Delancey Street for $17.3M

101 Delancey Street.

Silvershore Properties has sold the six-story, mixed-use site at 101 Delancey Street for $17.3 million, Commercial Observer has learned. The firm had put the building on the market last August for $20.5 million, pulled it off in December and then just sold it in an off-market deal.

The property, on the corner of Ludlow Street, has 20 rental apartments and five retail spaces with 86 feet of frontage on Delancey Street. The retail was delivered vacant in the deal, which closed last Friday.  Read More

Sales Beat

UES Multifamily Buildings Sell for $11.75M

Upper East Side Multifamily Buildings

Two walk-up buildings on the Upper East Side at 1573 and 1575 York Avenue with 18 rental apartment units sold for $11.75 million, Commercial Observer has learned.

The buildings with a combined 15,800 square feet fetched a price that breaks down to roughly $743 per square foot, said the Marcus & Millichap brokers who negotiated the transaction. Read More

Sales Beat

EMP, Empire Capital Buy FiDi Building, Prep to Launch Condo Sales [Updated]

42 Ann Street. (42 Ann Street website)

In its first development project, EMP Capital Group purchased the Keuffel and Esser building and will soon launch sales at the residential condominium, the developer told Commercial Observer. EMP Capital Group bought the building in conjunction with developer Empire Capital Holdings.

Elie Pariente, the principal at EMP, said his firm has been doing a lot of work on the former factory building at 127 Fulton Street, also known as 42 Ann Street, prior to its closing on June 12. EMP paid $15.35 million to a group of investors, 127 Fulton LLC, to acquire the building, public documents indicate. Read More