Sales Beat

Sales Beat

CRE Partnership Closes on Future Dream Hotel

560 Seventh Avenue

Developer Soho Properties, MHP Real Estate Services and international hotelier Hampshire Hotels have officially acquired 560 Seventh Avenue, formerly occupied by the Parsons School of Design and home to the Bravo reality series Project Runway.

The development project, valued in excess of $300 million, will make way for the creation of a new hotel and retail property at the corner of 40nd Street and Seventh Avenue, featuring a Dream Hotel and 20,000 square feet of destination retail. Read More

Sales Beat

West Village Property with Ralph Lauren Retail Location Trades for $17M

383 Bleecker Street. (Credit:: PropertyShark)

A West Village mixed-use property with a Ralph Lauren retail location at its base has sold for $17 million, according to public records. The five-story building, located at 383 Bleecker Street, was acquired by RWN Real Estate Partners in a deal that closed in February.

In addition to the retail component, the building boasts seven one-bedroom market-rate rental apartments. An 850-square-foot unit in the building last rented for $4,500 per month last year, according to StreetEasy. Read More

Sales Beat

Icon Sells LES Mixed-Use Building for Less Than $17M Ask [Updated]

43-45 Orchard Street

Terrence Lowenberg and Todd Cohen‘s Icon Realty Management has sold an Orchard Street mixed-use building for a bit less than its $16.95 million asking price.

The 15,900-square-foot, seven-story building (plus mezzanine) Lower East Side building at 43-45 Orchard Street between Hester and Grand Streets, which is home to surf apparel store Lost Weekend, was purchased for $16.1 million, according to property records. The sale closed on March 14 and appeared in public records today.  Read More

Sales Beat

Chetrit Tribeca Office Building Sells for $42M [Updated]

396 Broadway

An executive of investment firm Bridgeton Holdings has closed on the purchase of Isaac Chetrit‘s 396 Broadway, near Walker Street, according to property records.

Mr. Chetrit bought the 10-story, 61,000-square-foot Tribeca East Historic District office building in 1994 for $1 million following foreclosure proceedings against former owner Fortune Smooth US Ltd., The Real Deal previously reported. Read More

Sales Beat

Hamilton Heights Portfolio Sells for $19.5M

1616 Amsterdam Avenue

A building across from The City College of New York plus two other buildings in Hamilton Heights have sold in a 97-unit package deal for $19.5 million, Commercial Observer has learned.

The buildings are a seven-story, 52-unit apartment building (with six stores) at 1616 Amsterdam Avenue, across from City College; a six-story, 24-unit apartment building at 3694 Broadway; and a five-story, 21 unit building at 561 West 144th Street. Read More

Sales Beat

Home to The Backroom Bar Sells for $11M

102 Norfolk Street.

Massey Knakal has arranged the sale of a mixed-use building and home to The Backroom Bar and Saro Bistro on the Lower East Side at 102 Norfolk Street for $11 million, Commercial Observer has learned.

The six-story building, located between Delancey and Rivington Streets, contains approximately 16,000 square feet, with 25 apartments on the upper floors atop the bar/restaurants, Read More

Sales Beat

Lloyd Goldman Buys Murray Hill Apartment Building for $126M

The Nash

Lloyd Goldman of BLDG Management has acquired The Nash, a 191-unit apartment building located at 222 East 39th Street in Murray Hill, for $126 million.

The sellers, a partnership led by Atlas Capital, Rockpoint Group and The Procaccianti Group, acquired the debt on the property, then known as the Eastgate Tower Hotel, in 2012 with a plan to convert the building to apartments. The property exited bankruptcy in November 2012 and renovation of the building began in early 2013. Read More

Sales Beat

Madison Capital’s Purchase of 606 Bway Slated to Close by Year’s End

Rendering of 606 Broadway

Madison Capital is expected to close on its purchase of 606 Broadway by the end of the year, Commercial Observer has learned, after going into contract nearly a year ago.

Madison Capital paid $25.825 million for the Soho property as well as $13 million for an alternative parking facility for the Metropolitan Transportation Authority, which leases 606 Broadway from the city under a master lease. Read More

Sales Beat

Florida Pension to Buy 1370 Broadway from Normandy

1370 Broadway

The Florida Retirement System Pension Plan is in contract to acquire 1370 Broadway from Normandy Real Estate Partners for $186 million in cash, a source familiar with the deal confirmed with Commercial Observer. The sale went to contract in February and is expected to close within weeks.

The seller acquired the Midtown property in 2012 for $123 million and promptly hired architects MKDA to spearhead renovations, including a new glass entry, new revolving doors and new elevator cabs. Read More

Sales Beat

Chelsea Development Site Sells for $22.5M


Massey Knakal has arranged the sale of a development site at 455 West 19th Street, located between Ninth and 10th Avenues in Manhattan’s Chelsea neighborhood, for $22.5 million, Commercial Observer has learned.

The site consists of an approximately 4,600-square-foot lot that measures 50 by 92 feet and currently holds a single-story warehouse, offering 27,692 buildable square feet. The sale price equates to approximately $813 per buildable square foot. Read More

Sales Beat

Ariel Property Advisors Arranges $10M Queens Development Sale

14-01 Broadway.

Ariel Property Advisors has arranged the sale of a development site on the border of Long Island City and Astoria, featuring approximately 78,000 buildable square feet, for $10.23 million, Commercial Observer has learned.

The site, comprised of 14-01, 14-07, and 14-19 Broadway, is zoned for residential or mixed-use development and its three contiguous lots offer 182 feet of frontage on the north side of Broadway between 14th and 21st Streets. Read More

Sales Beat

Megalith Acquires Lincoln Square Properties from Disney for $85M


Residential real estate developer Megalith Capital Management has acquired a block of three properties in the vicinity of Lincoln Square for $85 million, according to city records filed earlier today.

The seller of the contiguous block of office properties, located at 36, 38 and 40 West 66th Street, is an entity affiliated with The Walt Disney Company. Samvir Sidhu, the managing principal of Megalith Capital, signed the purchase agreement, which is dated March 24.  Read More

Sales Beat

Big Apple Hostel Sells for $12M

119 West 45th Street

Big Apple Hostel, at 119 West 45th Street, has sold for $12 million and is slated to become a tavern and hotel or hostel, according to city records and the buyers’ attorney.

The buyers also own the adjacent Perfect Pint, at 123 West 45th Street, and Connolly’s Pub & Restaurant, at 121 West 45th Street. Read More