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Sales Beat

Sales Beat

Gary Barnett Pays $115.5M to Build Resi Tower at City Point

City Point

Extell Development has paid $115.5 million for the rights to build a mixed-use tower at City Point in Downtown Brooklyn, marking the first venture for the company in the fledgling borough.

Gary Barnett, the president and founder of Extell, plans to start construction on the 665,000-square-foot tower in 2017 and hopes to finish by 2020, according to City Point developers Acadia Realty Trust and Washington Square Partners, which sold the rights to the developer. Read More

Sales Beat

Nonprofit Buys Boerum Hill Building for $2.5M Above Original Asking Price [Updated]

401 State Street.

The NoVo Foundation, a Manhattan-based nonprofit, has bought a Brooklyn commercial building for $10 million, property records show.

That’s $2.5 million more than the seller was asking for it, according to TerraCRG, which marketed 401 State Street in Boerum Hill with an original asking price of $7.5 million. The roughly 15,000-square-foot building between Nevins and Bond Streets has doubled in value since it last changed hands in 2013, when property records show it sold for $4.3 million.    Read More

Sales Beat

Lightstone Picks Up East End Ave. Rental Building for $32.5M

40 East End Avenue.

Lightstone Group has purchased a residential rental building at 40 East End Avenue between East 81st and East 82nd Streets for $32.5 million in an all-cash deal, Commercial Observer has learned. The seller was Emanuel Cherney, according to Lightstone.

Lightstone intends to demolish the six-story, 40-unit 1920 elevator apartment building and replace it with an 18-story, 30-unit condominium, according to Mitchell Hochberg, the president and chief operating officer of Lightstone. Amenities will include a fitness center, residents’ lounge and library, private dining, children’s playroom/game room and indoor residents-only parking. Read More

Sales Beat

Bronx Landlord Nabs Harlem Buildings for Double Their 2012 Price

2655 and 2657 Frederick Douglass Boulevard.

Castellan Real Estate Partners has sold a pair of rent-stabilized Harlem buildings to a Bronx landlord for $6.6 million, Commercial Observer has learned.

The buildings, 2655 and 2657 Frederick Douglass Boulevard at the corner of West 142nd Street, have a combined 26 apartments with an average asking rent of $1,376 per month, according to Besen & Associates, which represented both sides in the sale. Of those units, 14 are two-bedroom and 12 are three-bedroom apartments. Read More

Sales Beat, ICSC 2015

Bill Ackman and Georgetown Close on 787 11th Avenue, Plan for Rooftop Tennis

787 11th Avenue.

A partnership between The Georgetown Company and Bill Ackman has closed on 787 11th Avenue, Commercial Observer has learned, and plans to build a tennis court atop the building.

Mr. Ackman’s hedge fund, Pershing Square Capital Management, will move into part of the eight-story building, a source with knowledge of the sale said. Georgetown chief executive officer Adam Flatto led the purchase, and brought Mr. Ackman in as a partner, the source added.   Read More

Finance, Sales Beat

Bank of China Finances Beijing Insurance Company’s 717 Fifth Avenue Buy

717 Fifth Avenue.

Anbang Insurance Group, the Beijing-based insurance company that bought the Waldorf Astoria for $1.95 billion, closed on its purchase of 717 Fifth Avenue’s office space with a $260 million acquisition loan from Bank of China, Commercial Observer has learned.

Anbang acquired the 26-story tower—minus its luxury retail portion—from Blackstone Group for about $415 million, giving the debt deal a loan-to-cost ratio of just over 60 percent, a person with knowledge of the deal confirmed. Read More

Sales Beat

90K-Square-Foot Bronx Property Trades for $9M

1351 and 1339 Jerome Avenue in the Bronx.

A 90,000-square-foot property at 1351 and 1339 Jerome Avenue connected to 1320 and 1342 Inwood Avenue has sold for $9 million to Jerome Avenue Storage Associates LLC, operating under American Self-Storage.

American Self-Storage is one of two current tenants at the property; it has held a lease with the option to buy since 2011. There is also a 12,000-square-foot Antillana Supermarket at the property. Read More

Sales Beat

SL Green To Buy Eleven Madison Avenue

Eleven Madison Avenue.

In one of the largest real estate transactions in New York City history, SL Green Realty Corp. will acquire Eleven Madison Avenue for $2.285 billion, according to a press release issued by the company.

First reported by Bloomberg Business, the company will buy the 29-story, 2.3 million square-foot trophy property from The Sapir Organization and CIM Group. The building sits between East 24th and East 25th Streets and serves as Credit Suisse Group’s U.S. headquarters. Read More

Sales Beat

Dalan Management, RWN Real Estate Partners Buy Nolita Building for $14.6M

235 Elizabeth Street.

Dalan Management and RWN Real Estate Partners have partnered to purchase the residential property at 235 Elizabeth Street between East Houston Street and Prince Streets for $14.6 million, or approximately $800 per square foot, according to a press release. The seller, Gordon Chin, had owned the property with his family since 1987.

The six-story building is comprised of 18,081 square feet, with 27 residential apartments and three retail spaces. A B Biagi Coffee is one of the current tenants at the property. Read More

Sales Beat

Investor Trio Buys Bushwick Building for $26.7M

333 Johnson Avenue.

A group of investors has closed on 333 Johnson Avenue between Bogart and White Streets in the Bushwick section of Brooklyn for $26.7 million.

Buyers Normandy Real Estate Partners, Royalton Capital and Sciame Development plan on converting the former printing shop into a mixed-use space of offices, retail and food, according to TerraCRG, which represented the group in the deal. The seller was Richard Bart Realty, according to property records. Read More

Sales Beat

KKR Looking to Invest at Related’s Hudson Yards

Rendering of 10 Hudson Yards.

After nearly two decades at Sheldon Solow’s 9 West 57th Street, private equity giant Kohlberg Kravis Roberts is looking to make a move to an office condominium at Hudson Yards, Commercial Observer has learned.

The global investment firm occupies 161,000 square feet at 9 West 57th Street on floors 10, 11, 14, 16, 41 and 42, according to CoStar Group, a space that will be small in comparison with the 400,000-square-foot condo it is considering buying in Related Companies and Oxford Properties Group‘s 17-million-square-foot, 28-acre mixed-used development emerging on the West Side of Manhattan. Read More

Sales Beat

Taconic Closes First Sale at Sterling Mason, and It’s Commercial

The Sterling Mason.

Taconic Investment Partners has closed on the sale of a retail condominium unit at its new Sterling Mason residential building for $9.4 million, Commercial Observer has learned.

The buyers of the 3,890-square-foot ground-floor retail unit at the seven-story condo conversion 412 Greenwich Street in Tribeca are two high-net worth Tribeca residents who used 1031 Exchange money from an out-of-state real estate sale, according to Jonathan Butwin of Town Commercial, who represented both sides in the deal. He declined to further identify the buyers. Read More

Finance, Sales Beat

MetLife Finances Utopia Center Buy

Utopia Center.

A three-story medical office and retail building adjacent to St. Johns University in Queens has changed ownership in a deal financed by MetLife, Commercial Observer has learned.

New York-based Prestige Properties & Development purchased the Fresh Meadows property, Utopia Center, from New Jersey-based Wharton Realty Group for $75 million on May 1, according to the buyer. Read More