Investment Sales firm Marcus & Millichap has arranged the $1.75 million sale of a four-story residential property at 21 Broadway Terrace in the Inwood section of Manhattan, The Commercial Observer has learned.
The 17-unit building is 9,728 square feet and in addition to significant upside potential for the units includes an additional 2,310 square feet Read More
Vornado Realty Trust has sold the Harlem Park site at 1800 Park Avenue to Bruce Eichner and Continuum Company, the New York Post reported.
Mr. Eichner is planning to develop a 596,000-square-foot 80/20 residential building at the site which would include street-level retail, a garage and 600 apartment units, 200 of which would be affordable housing, according to the report. Read More
In another whopping example of large real estate owners seeking to capitalize on current market conditions by unloading top-shelf inventory, Boston Properties has reportedly sold its 23-story office building at 125 West 55th Street for $470 million to J.P. Morgan Asset Management.
The deal follows a string of other Class A building sales this year – 550 Madison Avenue, 30 Rockefeller Plaza, 237 Park Avenue and 75 Rockefeller Plaza – which accounted for $3.8 billion of the city’s first quarter dollar volume and created a 46% year-over-year jump, according to data from Avison Young. Read More
A joint venture led by The Carlyle Group has sold two newly-developed residential towers on the Upper West Side for a reported $400 million to the California Public Employees’ Retirement System.
Completed in 2010, the The Aldyn and The Ashley, 38 and 23 stories-high, respectively, include a mix of rental and condominiums for a total of 345 units and a mixture of studio, one-, two-, three-and four-bedrooms that average roughly 1,000 square feet.
The Sacramento-based pension fund, also known as Calpers, made the purchase through Boston-based GID Investment Advisers LLC, its real estate manager for residential transactions.
“The Ashley and Aldyn provide GID an opportunity to expand our exposure in New York City in a single transaction,” said Bill Chiasson, senior vice president and director of eastern region acquisitions for GID, in a statement. “Manhattan is a market that has historically provided consistent revenue growth versus the national average and where valuations hold up better over time versus other core, U.S. markets.” Read More
A team from Murray Hill Properties sold a 6,192-square-foot commercial condominium to Technical Systems Integration, The Commercial Observer has learned.
MHP’s Jesse Rubens and Bret Varricchio closed the first sale in the newly marketed property, which is priced at $375 per square foot. Read More
DelShah Capital has acquired 58-60 Ninth Avenue in the Meatpacking District for $18.2 million, it was announced yesterday.
“We knew the tenant was leaving and that this was a very high-traffic space,” Michael Shah, principal at DelShah Capital, told The Commercial Observer. “We saw it as an opportunity to re-lease the space.” Read More
Massey Knakal has arranged the $4.7 million sale of a mixed-use loft building at 57 Grand Street, home to the popular SoHo watering hole Toad Hall, The Commercial Observer has learned.
Located between West Broadway and Wooster Street in Manhattan’s SoHo Cast Iron Historic District, the 4,422-square-foot, four-story building has been home to Toad Hall for over 20 years.
“Competition was fierce for this charming SoHo building,” said Massey Knakal’s Robert Burton, who exclusively handled the transaction. “I was honored to receive the call from the owner, who had owned the building with her family for more than 30 years. It was a smooth transaction from start to finish.” Read More
Besen & Associates has arranged the $22.9 million sale of a nine-story, 86,360-square-foot city-run transitional housing facility for homeless families at 2520 Tilden Avenue in East Flatbush, Brooklyn.
Known as Tilden Hall, the nine-story residential building one block east of Bedford Avenue features 117 apartments and rests in a neighborhood characterized by row houses, cottage homes and an array of mom and pop stores.
It is leased to Highland Park Development, which signs bi-yearly service agreements with the city and its Department of Homeless Services to provide transitional housing, counseling and rehabilitation programs for families in need, which made the transaction stickier than your average multifamily deal, but also more promising for the buyer, United Realty Trust.
“The due diligence was more complex than your standard multifamily transaction,” said Greg Corbin of Besen & Associates, who arranged both sides of the transaction with business partner Amit Doshi. “United Realty Partners acquired great bricks with an outstanding cap rate.” Read More
Steinway Musical Instruments, the 160-year-old piano manufacturer, has entered into an agreement with JDS Development Group to sell its interest in the Steinway Hall building at 109 West 57th Street, it was announced today.
The agreed price is $46 million with an upward adjustment pending post-closing conditions, according to a statement.
Founded in 1853 by Henry Engelhard Steinway on Varick Street in Manhattan, Steinway has built pianos played by Billy Joel, Cole Porter and Irving Berlin. Read More
Comcast has closed on its $1.3 billion purchase of 1.3 million square feet of office and studio space at 30 Rockefeller Plaza, city records confirm.
The transaction was part of the media and communications giant’s $16.7 billion purchase of a 49 percent stake in NBCUniversal from General Electric, announced last month.
The location, the centerpiece of Rockefeller Center, is host to the property’s annual Christmas tree lighting and inspiration for the title of NBC’s television series “30 Rock.” Read More
City records confirm Joe Chetrit and David Bistricer’s $1.1 billion closing on the Sony Building, the deal that thrust Mr. Bistricer into the spotlight as his media shy partner continued his buying rampage.
The duo plans to turn the tower into residential condominiums and a hotel, and to retrofit the retail space; and they recently went into contract to purchase the 1.5-acre former Cabrini Medical Center site at Second Avenue and East 19th Street.
The Sony Building purchase pitted Mr. Bistricer and Mr. Chetrit against industry heavyweights like Joseph Sitt and Harry Macklowe, winning a competitive bid by slapping down a jaw-dropping $600 million letter of credit to seal the deal. Read More
Massey Knakal has arranged the $5.5 million sale of an apartment building at 104 Suffolk Street on the Lower East Side to a foreign investor, demonstrating the city’s continued status as one of the world’s few safe havens, The Commercial Observer has learned.
The 10,000-square-feet five-story walk-up consists of 20 residential units, 14 free market and six rent stabilized, with 18 one-bedroom apartments and two duplexes. Recent renovations include the entrance, common areas, roof and a dual fuel burner was recently installed.
“104 Suffolk Street was purchased by an overseas investor, which is a testament to the growing interest among the international community,” said Massey Knakal’s Michael DeCheser, who exclusively represented the seller in the transaction with CEO Paul Massey, Jr. and Guthrie Garvin. Read More
Yeshiva University has sold off the final lot of a building portfolio that it received as a gift then aggressively marketed, pulling in $2 million more than the original asking price and demonstrating the heavy demand for retail in the Lower East Side.
The Commercial Observer has learned that Ben Ashkenazy of Ashkenazy Investments paid $6 million for the corner retail building at 156-164 Delancey Street, on the northwest corner of Delancey Street and Clinton Street, which was originally on the market by for $3.95 million.
The building currently consists of six commercial units, five of which are occupied with leases that expire between 2016 and 2021, and it was marketed based on its redevelopment potential.
“Retail properties like this are in extraordinarily high demand today,” said Massey Knakal Chairman Bob Knakal, who exclusively handled the transaction with Michael DeCheser. Read More
A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.
The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.
Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.” Read More
The historic Milford Plaza Hotel in the heart of the Theatre District was sold for $325 million, city records show, confirming previous reports that real estate investor David Werner and Deutsche Asset & Wealth Management’s real estate investment business were in talks to purchase the ground lease at the site. Read More
