Sales Beat

Sales Beat

CIM Group Sells Retail Condo at 15 William Street for $7.4M

15 William Street. (PropertyShark)

CIM Group has sold the ground-floor retail condominium at 15 William Street for $7.4 million, according to property records.

The Los Angeles-based real estate investment firm announced the transaction last week without revealing the sale price or the buyer. Allegra Tribeca Inc. bought the retail unit in a transaction that closed on June 11, records show. Read More

Sales Beat

Partners Buy Times Square Property for $6.9M

144 West 46th Street.

Klosed Properties and Namdar Realty Group closed yesterday on the $6.9 million purchase of 144 West 46th Street, Commercial Observer has learned.

The five-story, 6,000-square-foot Times Square property between Avenue of the Americas and Seventh Avenue is home to a Chinese restaurant and residential and office tenants, all paying below market rents, according to Steven Kachanian, the principal at Klosed Properties. Read More

Sales Beat

Lido Buys East West Bank Condo for $12.3M

77 Bowery.

Lido Realty has picked up the East West Bank‘s Chinatown condominium in the East West Bank Building at 77 Bowery for about $12.3 million, property records indicate.

“77 Bowery fit well into our long-term strategy to acquire high-credit retail in prime locations,” said Adam Mayer, a portfolio manager for Lido. “We believe the area will continue to see strong appreciation as a result of shrinking vacancy rates and solid demand. For the time being, we plan on developing our relationship with East West Bank and look forward to working with them.” Read More

Sales Beat

Four Winds Snaps Up LES Walkup for $8.5M

207 Madison Street.

Four Winds Real Estate, a relatively new real estate development and management firm, last week closed on the purchase of a Lower East Side mixed-use walkup building, Commercial Observer has learned.

Besen & AssociatesLev Mavashev and Glenn Raff negotiated the off-market transaction at 207 Madison Street on behalf of Four Winds and the seller, Madison Realty Capital. Read More

Sales Beat

Atlantic Avenue Site Trades for $7.75M

112-118 Atlantic Avenue. (PropertyShark)

A development site at 112-118 Atlantic Avenue in Brooklyn has sold for $7.75 million, according to property records. The buyer closed on the Cobble Hill site last month under the entity Henry Atlantic Partners, an LLC registered with the New York State Division of Corporations to Avery Hall Investments, a real estate acquisitions and development firm.

The address, currently home to a Shell gas station, is zoned for approximately 23,500 buildable square feet and is expected to be developed into a residential project, sources told Commercial ObserverRead More

Sales Beat

Cumberland Farms Offloads Brooklyn Gas Station Site for $3.1M

157 Empire Boulevard. (Massey Knakal)

Massachusetts-based convenience store chain Cumberland Farms has sold the site of its Gulf gas station at 157 Empire Boulevard to Life Storage for $3.1 million, according to property records.

The property, on the border of Crown Heights and Prospect Lefferts Gardens, is zoned for up to 32,000 square feet of buildable space and is expected to be redeveloped. Illinois-based Life Storage is a developer and operator of storage facilities. Read More

Sales Beat

23-25 West 35th Street Sells for $19.2M

23 West 35th Street.

Paolo Giusti‘s Vaduzco Realty has sold its buildings at 23-25 West 35th Street for $19.2 million in an all-cash deal to a first-time Chinese buyer, Commercial Observer has learned. The property will be turned into a limited-service hotel.

The two, four-story buildings look like they are in a “state of disrepair,” a source with knowledge of the deal said, but offers a 40,000-square-foot buildable development site to the buyer. Read More

Sales Beat

Big Brothers Big Sisters Sells Murray Hill Headquarters to Local Church

221-223 East 30th. (PropertyShark)

Big Brothers Big Sisters of New York City, a mentoring-focused nonprofit, has sold its 10,364-square-foot headquarters at 221-223 East 30th Street to Remnant Presbyterian Church for $6.75 million, or approximately $651 per square foot.

The all-cash transaction closed at $1 million under the original $7.75 million ask price for the Murray Hill townhouse, according to a recent statement. Read More

Sales Beat

City Acquires Willets Point Site

Willets Point rendering.

The City of New York has paid the Paterno family of Flushing $7.94 million to acquire 126-23 37th Avenue in Willets Point, according to property records.

The deal is part of the city’s strategy to control the land necessary to proceed with the redevelopment of the Queens neighborhood. The city currently holds over 95 percent of the land earmarked for phase one of the project, according to the New York City Economic Development Corporation. Read More

Sales Beat

New York City REIT Makes Deal for Hit Factory Retail Condo [Updated]

421 West 54th Street. (Eastern Consolidated)

American Realty Capital’s New York City REIT has agreed to acquire a retail condominium at 421 West 54th Street from Sagamore for $7.25 million, the real estate investment trust announced yesterday. The 12,327-square-foot unit is 100 percent leased to the Gibson Guitar Corporation.

Known as The Hit Factory, 421 West 54th Street once housed a famous recording studio of the same name. The building has since been converted to residential condominiums, where Carmelo Anthony, the New York Knicks’ star forward and soon-to-be free agent, and comedian Tracy Morgan have rented, according to reports. Read More

Sales Beat

Munich-Based Company Drops $80M on Midtown Retail Space

136 West 42nd Street

GLL Real Estate Partners acquired a 17,000-square-foot ground floor retail space for $80 million in the 38-floor, 280-room Hilton Garden Inn currently nearing completion at 140 West 42nd Street, Crain’s New York Business reported Monday.

The complex deal saw the prime retail location change hands from a partnership between the Dallas-based Highgate Holdings hotel operator and development firm and the Chicago-based Walton Street Capital real estate private equity firm to the deep-pocketed Munich-based buyers of the property, a real estate investment firm. Read More

Sales Beat

Fisher Brothers Nabs Lower Manhattan Site for $10M

92 Fulton Street.

Fisher Brothers has picked up a development site at 92 Fulton Street from an LLC for $10 million, according to property records.

It was previously widely reported that The Mavrix Group was planning to build a 51-story ODA-designed condominium building at the site between Gold and William Streets, but Mavrix never closed on the site, according to Ariel Property AdvisorsMichael A. Tortorici, who represented the seller and procured the buyer along with Ariel’s Howard Raber, Shimon Shkury, Victor Sozio and Randy Modell. The roughly 25-foot-wide vacant lot offers a total of 29,890 buildable square feet, including air rights. Read More

Sales Beat

Prudential, L&L Acquire 511-541 West 25th Street

511 West 25th Street. (PropertyShark)

Prudential Real Estate Investors and L&L Holding Company have acquired 511-541 West 25th Street from the Related Companies in a $160 million joint venture, the buyers announced in a statement yesterday.

The interconnected office properties are located in the shadow of the High Line and boast 200,000 square feet of space and 300 feet of retail frontage. The century-old buildings were renovated within the past two years. Read More