Commercial Sales |
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Office Leases
Please submit deals to: deals@therealdeal.com
Please submit deals to: deals@therealdeal.com
| Address | Size Info | Buyer | Representative | Seller | Representative | Price | Notes | Issue |
|---|---|---|---|---|---|---|---|---|
| 300-310 Wadsworth Ave map | 2 apt. bldgs, 191 units total | n/a | n/a | n/a | E. Tabak, Y. Edelkopf, Bluestone Realty | $24.0M | The apartment complex sold for $24 million. | May 2008 |
| 231 East 43rd St map | 38,621 sf development site | Magna Hospitality Group subsidiary | n/a | McSam Hotel Group | n/a | $24.0M | The property sold for $24 million. McSam also sold a development site at 60 West 36th Street to Magna (see below). | May 2008 |
| 580 Union Ave (Brooklyn) map | 35,000 sf development site | Heatherwood Properties | Bob Klein, Kalmon Dolgin Affiliates | McCarren Park LLC | Bob Klein, Kalmon Dolgin Affiliates | $20.0M | The half-block parcel sold for $20 million. The buyer plans a six-story rental apartment building on the site. | May 2008 |
| 123 Third Ave and 206 East 14th St map | 44,300 buildable sf development site | Orange Management | n/a | Danrose LLC; 123 Third Avenue Realty LLC | M. Forrest, D. Shorenstein, P. Vassiliou, Marcus & Millichap | $17.5M | The two parcels sold for $17.5 million. The site permits a mixed-use building with condos and ground-floor retail. | May 2008 |
| 60 West 36th St map | 20,240 sf development site | Magna Hospitality Group subsidiary | n/a | McSam Hotel Group | n/a | $16.219M | The property sold for $16.22 million. McSam’s Sam Chang is also developing a hotel on West 35th Street, a block away. | May 2008 |
| 319 West 94th St map | 6-story, 61,092 sf apt. bldg | The Lantern Group | Peter Von Der Ahe, Marcus & Millichap | n/a | Peter Von Der Ahe, Marcus & Millichap | $16.0M | The former 151-room SRO building sold for $16 million, or $105,960 per room. The site comes with an additional 15,000 square feet of air rights. | May 2008 |
| 61 Fifth Ave map | 25,000 sf development site | n/a | n/a | n/a | n/a | $15.0M | The former home of a Schrafft’s restaurant and the Lone Star Café sold for $15 million. The asking price for the property, extensively damaged by a fire in 2006 and vacant for years, was $17.5 million. | May 2008 |
| 618-628 West 151st St map | 6-story, 62,604 sf apt. bldg, 64 units total | Westchester investor | n/a | n/a | Marco Lala, Massey Knakal | $13.0M | The elevator building sold for $13 million, or $208 per square foot. The price represents a capitalization rate of 6.4 percent and a gross rent multiple of 11.6. More than 40 of the two- and three-bedroom units have been gut-renovated. | May 2008 |
| 112-114 West 31st St map | Development site | Yitzchak Tessler; Joe Chetrit | A. Miller, D. Glaser, S. Schneider, Eastern Consolidated | Edward Eden, E&E Associates | M. Yawitz, A. Ronquillo, Eastern Consolidated | $12.3M | The commercial property sold for $12.3 million. The buyers are planning a 200,000-square-foot condominium with a six-story retail base on the site. | May 2008 |
| 197-199 10th Ave map | Development site | PMA Associates | D. Johnson, A. Miller, Eastern Consolidated | The Wynne Family | Represented in-house | $12.0M | The four-building package sold for $12 million, or $500 per square foot. The buyer plans to build a hotel, a condominium or a mix of the two. The property has 25,000 buildable square feet. | May 2008 |
| 125 Flatbush Ave Ext (Brooklyn) map | 47,000 buildable sf development site | Magna Hospitality Group | n/a | The Potter Family | R. Hebron Sr., P. Murphy, Ingram & Hebron | $10.8M | The property sold for $10.8 million, or $229 per buildable square foot. The buyer plans a limited-service hotel on the site, the first Brooklyn location the firm is developing itself. | May 2008 |
| 326 South St (Brooklyn) map | 6-story apt. bldg, 30 units total | The Dermot Group | n/a | TreeTop Development | A. Jungreis, J. Davidson, Rosewood Realty | $7.95M | The rental property sold for $7.95 million. The seller completed a renovation of 21 of the two-bedrooms prior to the sale. The building also has 1,650 square feet of ground-floor retail space. | May 2008 |
| 42 West 65th St map | 5-story, 9,905 sf apt. bldg | Westchester investor | n/a | n/a | Paul Smadbeck, Massey Knakal | $5.6M | The walk-up property sold for $5.6 million, or $565 per square foot. The building, which recently sustained fire damage, has 10 studios and 10 two-bedrooms. | May 2008 |
| 1049 Lexington Ave map | 4-story, 3,485 sf mixed-use bldg | Manhattan user | Cathy Franklin, Brown Harris Stevens | n/a | Guthrie Garvin, Massey Knakal | $5.35M | The property sold for $5.35 million, or $1,535 per square foot. The price represents a capitalization rate of 5 percent and a gross rent multiple of 15.4. The first and second floors are vacant retail units, and the third and fourth floors each contain a one-bedroom apartment. | May 2008 |
| 25 Dongan Pl map | 5-story, 36,370 sf apt. bldg | n/a | Joshua Zellner, Zellner Realty Corp. | n/a | Joshua Zellner, Zellner Realty Corp. | $5.3M | The property sold for $5.3 million, or $146 per square foot. The price represents a capitalization rate of 5.7 percent and a gross rent multiple of 11.4. The average monthly rent at the building is $789. | May 2008 |
| 312 West 88th St map | 5-story, 6,090 sf townhouse | Manhattan user | n/a | n/a | Meyrick Ferguson, Massey Knakal | $4.3M | The multifamily property sold for $4.3 million, or $706 per square foot. The price represents a capitalization rate of 4.5 percent and a gross rent multiple of 16.6. The building is currently configured as 10 rental apartments, nine of which are free-market. | May 2008 |
| 88-96 Withers St (Brooklyn) map | 29,936 buildable sf development site | Manhattan developer | n/a | n/a | Mark Lively, Massey Knakal | $4.25M | The property sold for $4.25 million, or $142 per buildable square foot. The site, fully built with three vacant warehouse buildings, has a footprint of 12,500 square feet. | May 2008 |
| 1005 Bedford Ave (Brooklyn) map | 3-story, 21,000 sf school bldg | n/a | E. Tabak, M. Mendelsohn, Bluestone Realty | n/a | E. Tabak, M. Mendelsohn, Bluestone Realty | $3.9M | The building sold for $3.9 million, or $185 per square foot. The price represents a capitalization rate of 7.5 percent. The property is currently triple-net leased to the City of New York. | May 2008 |
| 307 Atlantic Ave (Brooklyn) map | 4,200 sf development site | 307 Atlantic Avenue LLC | Prudential Douglas Elliman | Academy Rubber Stamp Co. | M.C. O'Brien | $3.7M | The property sold for $3.7 million. The buyer plans to build an 18,500-square-foot rental apartment building on the site. | May 2008 |
| 881-87 Fifth Ave (Brooklyn) map | Two 4-story apt. bldgs, 20,000 sf total | n/a | n/a | n/a | Ivan Hakimian, Itzhaki Properties | $3.7M | The contiguous walk-up properties sold for $3.7 million. The buildings combined have 28 apartments and four retail units. | May 2008 |
| 5905 Broadway (The Bronx) map | 2-story, 20,000 sf comm. bldg | Words of Life Church | n/a | n/a | Karl Brumback, Massey Knakal | $3.0M | The property, which most recently operated as the largest pool hall in the eastern United States, sold for $3 million, or $150 per square foot. | May 2008 |
| 11-42 46th Rd (Queens) map | 10,000 sf industrial bldg | Manhattan user | Marcia Taranto, Sotheby’s International Realty | n/a | Alfonso Holloman, Massey Knakal | $2.8M | The commercial property sold for $2.8 million, or $280 per square foot. The site consists of 5,000 square feet each on the ground and second floors. | May 2008 |
| 169-07 and 169-09 Jamaica Ave (Queens) map | Two 3-story mixed-use bldgs, 8,400 sf total | Queens investor | n/a | n/a | B. Sarath, R. Knakal, Massey Knakal | $2.09M | The pair of buildings sold for $2.09 million, or $249 per square foot. The price represents a capitalization rate of 7 percent and a gross rent multiple of 10.3. The properties have a combined 2,800 square feet of retail space and eight one-bedroom apartments. | May 2008 |
| 433 Van Siclen Ave (Brooklyn) map | 4-story apt. bldg, 19 units total | n/a | J. Shanik, A. Bromberg, Bluestone Realty | n/a | J. Shanik, A. Bromberg, Bluestone Realty | $1.65M | The walk-up building sold for $1.65 million and was delivered vacant. | May 2008 |
| 417 Grand St (Brooklyn) map | 4-story, 3,000 sf apt. bldg | Virginia investor | Nick Arnold, Corcoran | n/a | Mark Lively, Massey Knakal | $1.65M | The four-family building sold for $1.65 million, or $284 per square foot. The price represents a capitalization rate of 6.2 percent and a gross rent multiple of 13. | May 2008 |
| 286 Stanhope St (Brooklyn) map | 7,500 sf industrial bldg | Westchester developer | Sosa Erasmo, Global Home Realty | n/a | Matt Rudert, Massey Knakal | $1.53M | The property sold for $1.53 million, or $203 per square foot. The price represents a capitalization rate of 2.4 percent. | May 2008 |
| 86-90 Parsons Blvd (Queens) map | 1-story, 2,415 sf retail bldg | Queens investor | n/a | n/a | Brian Sarath, Massey Knakal | $1.3M | The retail property sold for $1.3 million, or $538 per square foot. The price represents a capitalization rate of 5.9 percent and a gross rent multiple of 13.5. The space is currently occupied by a McDonald’s, which will vacate the site in May 2008. The buyer plans to rent the property to a new triple-net tenant. | May 2008 |
| 461 Winthrop St (Brooklyn) map | 22,695 buildable sf development site | n/a | Matthew Fotis, Marcus & Millichap | n/a | Matthew Fotis, Marcus & Millichap | $1.28M | The property sold for $1.28 million, or $56 per buildable square foot. The site is configured for residential use, medical offices or a combination of the two. | May 2008 |
| 452 West 145th St map | 3-story, 3,328 sf apt. bldg | New Jersey investor | n/a | n/a | Patrick O’Malley, Massey Knakal | $1.08M | The brownstone sold for $1.08 million, or $323 per square foot. The price represents a capitalization rate of 6.5 percent and a gross rent multiple of 10.9. The property contains six rent-stabilized studios and one commercial space. | May 2008 |
| 650 Madison Ave map | 27-story, 600,000 sf office bldg | Ashkenazy Acquisition Corp. | n/a | Hiro Real Estate Co. | John Kenyon, JPMorgan Chase | $695.0M | The building went into contract for $695 million, or $1,185 per square foot. | April 2008 |
| 1250 Broadway map | 39-story, 670,000 sf office bldg | Murray Hill Properties | n/a | SL Green | R. Baxter, R. Cohen, S. Latham, J. Caplan, C&W | $310.0M | The property sold for $310 million, or $463 per square foot. Asking rents in the building are reportedly in the mid-$30s. SL Green bought the building in 1999 for $93 million. |
April 2008 |
| 100 Fifth Ave map | 19-story, 240,000 sf office bldg | Rock New York (100-104 Fifth Avenue) LLC | n/a | Atlas Capital | n/a | $152.0M | The prewar building sold for $152 million. Atlas bought the property for $110 million, or $458 per square foot, in July 2007 from Kinney-Hill Associates. |
April 2008 |
| 100-104 Fifth Ave map | 20-story, 270,000 sf office bldg | Rock Investments | n/a | Atlas Capital Group | n/a | $150.0M | The office condominium property went into contract for more than $150 million. The seller had purchased the building for $110 million in June 2007. |
April 2008 |
| 51 Astor Place map | Development site | Edward J. Minskoff Equities | n/a | The Cooper Union for the Advancement of Science and Art | Studley | $96.0M | The 99-year ground lease sold for $96.97 million. Minskoff plans to build a 410,000-square-foot mixed-use property on the site, with office and retail space and one floor reserved for educational use. The lease also entitles Cooper Union to participate in the property’s future income. The new building is expected to be ready for occupancy by 2010. |
April 2008 |
| Bedford-Stuyvesant portfolio (Brooklyn) map | 15 apt. bldgs, 362 units total | Phoenix Realty Group | Eastern Consolidated | Bedford Stuyvesant Restoration Corporation | Eastern Consolidated | $96.0M | The residential package sold for $96 million. The purchase price included $30 million for renovations of the units, all of which will remain affordable. About 95 percent of the apartments will receive long-term Section 8 contracts from the U.S. Department of Housing and Urban Development. The buildings are located at 24-28-32 and 40 McDonough Street and 7-15 Albany Avenue. |
April 2008 |
| 370 Canal St map | 20-story hotel, 360 rooms total | Magna Hospitality Group | n/a | McSam Hotel Group | n/a | $83.0M | The future site of a Sheraton Hotel sold for $83.5 million. The hotel, slated to be completed later this year, is the second unfinished hotel that McSam sold to Rhode Island-based Magna Hospitality Group in February; the developer also sold 505-513 West 43rd Street to Magna for $42 million. Additionally, McSam purchased a commercial building at 6-12 Water Street for $27 million and a parking lot at 431 West 33rd Street for $24 million (see below). |
April 2008 |
| 8 Gramercy Park S and 141 East 33rd St map | 2 mixed-use bldgs, 180,000 sf total | Stonehenge Partners | n/a | n/a | D. Stacom, B. Shanahan, CBRE | $83.0M | The properties sold for $83 million. The rental building at 141 East 33rd Street has 120 apartments, one office space and a 6,000-square-foot retail space; 8 Gramercy Park South has 55 apartments and three office spaces, and features 60,000 square feet of additional air rights. |
April 2008 |
| 28-30 West 57th St map | 34-story, 32,144 sf office bldg | The LeFrak Organization | n/a | Beech Haven Corp. | S. Chasanoff, R. Freedman, A. Jinishian, GVA Williams | $56.0M | The property sold for $56.5 million, or $1,614 per square foot. The prewar building has 4,500 square feet of retail space and comes with 40,000 square feet of development rights. |
April 2008 |
| 318 East 15th St (Booth House) map | 12-story, 112,898 sf apt. bldg, 140 units total | Arun Bhatia Development | n/a | New York Downtown Hospital | Y. Oelsner, J. Epstein, C. Kingsley, C&W | $56.0M | The property sold for $56 million. The buyer plans to convert the units into luxury apartments. |
April 2008 |
| 64 West 48th St map | 17-story, 130,000 sf office bldg | Muss Development | n/a | n/a | n/a | $54.0M | The property sold for $54.5 million. The building is being repositioned with a multimillion dollar capital improvement program. Cushman & Wakefield is exclusively marketing the office space; CB Richard Ellis is representing the 17,000-square-foot, ground-level retail space. |
April 2008 |
| 38-40 and 42-50 Greene St map | Three 5-story office bldgs, 110,000 sf total | Zar Property NY; Nassimi Realty | Represented in-house | n/a | S. Latham, R. Cohen, J. Caplan, R. Baxter, C&W | $50.0M | The package of office buildings with retail sold for more than $50 million. |
April 2008 |
| Washington Heights portfolio map | 7 mixed-use bldgs, 323 res. units total | Perseus Management | T. Shafran, P. Vanderpool, L. Sternhell, Capin & Associates | Kingsley Realty Management | Luca Capin, Capin & Associates | $44.0M | The seven-building portfolio sold for $44 million, or $143 per square foot. The properties are located at 35 Fort Washington Avenue, 247 Wadsworth Avenue, 672 St. Nicholas Avenue, 82 and 84 Wadsworth Avenue, 565 West 188th Street and 562 West 189th Street. |
April 2008 |
| 505-513 West 43rd St map | Development site | Magna Hospitality Group | n/a | McSam Hotel Group | n/a | $42.0M | The 20,000-square-foot lot sold for $42 million. The property is the site of a planned 198-room budget hotel that is not due to be completed until mid-2009. |
April 2008 |
| 134 West 58th St map | 15-story apt. bldg | Benedict Properties | n/a | Samson Management | n/a | $39.0M | The corporate housing building sold for $39 million. |
April 2008 |
| 777 Washington St map | 4-story, 20,000 sf mixed-use bldg | n/a | n/a | n/a | n/a | $34.0M | The live-work photo studio sold for $34 million. The property, home to Albert M. Watson Photography, has a photo studio on the bottom two floors and bedrooms, a gym, library, terrace and roof deck on the top two floors. | April 2008 |
| 127-131 West 25th St map | 12-story, 89,000 sf mixed-use bldg | Real estate partnership | M. Meyer, E. Meyer, GVA Williams | The Lasser Family | M. Meyer, E. Meyer, GVA Williams | $32.0M | The prewar building sold for $32 million, or $300 per square foot. The buyers are planning major renovations for the property and hope to raise the asking rents to the $40-per-square-foot range from the mid-$20s. |
April 2008 |
| 408-410 Broadway map | 5-story, 60,600 sf comm. bldg | Vanick Properties | n/a | n/a | J. Epstein, C. Kingsley, Y. Oelsner, C&W | $29.0M | The office and storage building sold for $29 million. |
April 2008 |
| 6-12 Water St map | 5-story, 21,000 sf office bldg | McSam Hotel Group | n/a | n/a | n/a | $27.0M | The commercial property sold for $27 million. |
April 2008 |
| 431 West 33rd St map | Development site | McSam Hotel Group | n/a | Saxa Inc. | n/a | $24.0M | The 74,000-square-foot parking lot sold for $24 million. |
April 2008 |
| 3581 Broadway map | Development site | Columbia University | Cornerstone Group | Blockentire Associates | Vickers Realty | $20.0M | The single-story, 25,000-square-foot lot sold for $20 million. Columbia plans to build a 42-unit rent-to-own residential project for residents who will be displaced by its 17-acre expansion into Harlem. |
April 2008 |
| 176-182 West 82nd St map | Four 5-story apt. bldgs, 30,000 sf total | Navistone Amsterdam LLC | Barry Farchi, Itzhaki Properties | WexTrust Capital | Shay Zach, Itzhaki Properties | $19.0M | The four walk-up properties sold for $19 million, or $635 per buildable square foot. The residential package went on the market in spring 2007 for $16.5 million. WexTrust purchased the buildings for $12.28 million in February 2007 and had planned a condo conversion. Navistone plans to knock down walls in the buildings to combine smaller residential units into three- or four-bedroom units of up to 2,000 square feet. |
April 2008 |
| 15 Broad St (Downtown by Philippe Starck) map | Comm. condo | n/a | n/a | Boymelgreen Developers | n/a | $18.0M | The commercial unit sold for $18.62 million. | April 2008 |
| 65-67 Greene St map | Two 5-story mixed-use bldgs | Manhattan investor | n/a | n/a | Robert Burton, Massey Knakal | $15.0M | The contiguous loft buildings sold for $15.68 million, or $735 per square foot. The price represents a capitalization rate of 2.6 percent and a gross rent multiple of 28.8. The two properties combine for 21,321 square feet of space, with an additional 4,304 square feet of air rights. 65 Greene Street is an elevator building and 67 Greene Street is a walk-up building. |
April 2008 |
| 101 Ocean Pkwy and 2044 13th St (Brooklyn) map | Two 6-story apt. bldgs, 124,200 sf total | n/a | Erez Itzhaki, Itzhaki Properties | n/a | Barry Farchi, Itzhaki Properties | $13.0M | The residential package sold for $13.8 million. The two elevator buildings have a combined 108 units. |
April 2008 |
| 145-147 East 47th St map | 4-story, 8,980 sf retail bldg | Manhattan developer | n/a | n/a | C. Olsen, R. Knakal, Massey Knakal | $12.0M | The building sold for $12.95 million, or $322 per buildable square foot. The property has approximately 40,164 buildable square feet. |
April 2008 |
| 111 Mercer St map | 5-story, 11,332 sf office bldg | Mercer 111 LLC | J. Fishman, D. Alani, B. Segall, D. Aaron, RKF | Foreign owner | J. Fishman, D. Alani, B. Segall, D. Aaron, RKF | $12.0M | The vacant building sold for $12.35 million, or $1,090 per square foot. The property has been approved by the Landmarks Preservation Commission for a 1,250-square-foot penthouse addition, which would bring its total square footage to 12,582. |
April 2008 |
| 115-119 Norfolk St map | Development site | Brooklyn developer | Caitlin Hughes, Corcoran | n/a | M. DeCheser, B. Hanson, Massey Knakal | $10.0M | The 27,000-square-foot property sold for $10 million, or $370 per square foot. Plans are in place for a 24-unit luxury residential development, with 16 one-bedrooms, five two-bedrooms and three three-bedroom duplex penthouses. |
April 2008 |
| 71 Fourth Ave map | Development site | South American investors | Uri Zucker, Britz Realty | Elizabeth Kim | Uri Zucker, Britz Realty | $10.0M | The property sold for $10 million, or $566 per buildable square foot. The buyers are planning a boutique hotel for the site. |
April 2008 |
| 128 East 62nd St map | 6-story, 7,890 sf apt. bldg | n/a | n/a | n/a | G. Garvin, P. Massey, Massey Knakal | $6.0M | The co-op building sold for $6.9 million, or $875 per square foot. The price represents a gross rent multiple of 34.6. |
April 2008 |
| 647-53 West 174th St map | 30,000 sf apt. bldg, 40 units total | n/a | Randy Modell, ABS Realty Partners | n/a | S. Shkury, V. Sozio, Massey Knakal | $6.0M | The multifamily walk-up property sold for $6.8 million. The price represents a gross rent multiple of 11. |
April 2008 |
| 40-30 73rd St (Queens) map | 4-story, 29,000 sf apt. bldg, 48 units total | 73rd St. LLC | A. Polsinelli, C. Portelli, Besen & Associates | 40-30 73rd LLC | A. Polsinelli, C. Portelli, Besen & Associates | $5.0M | The walk-up property sold for $5.95 million. The price represents a capitalization rate of 5 percent and a gross rent multiple of 11.5. |
April 2008 |
| 1 and 45 Wild Ave (Staten Island) map | Development site | Hotelier | n/a | n/a | Matthew Giordano, Massey Knakal | $5.0M | The 134,282-square-foot property sold for $5.3 million, or $39 per square foot. |
April 2008 |
| 321 East 90th St map | 5-story, 9,375 sf apt. bldg | Brooklyn investor | Jim Marshall, Marfam Realty | n/a | Thomas Gammino, Massey Knakal | $3.0M | The walk-up property sold for $3.9 million, or $416 per square foot. The price represents a capitalization rate of 5.7 percent and a gross rent multiple of 11.2. The building has 16 one-bedrooms and two studios; 11 units are rent-stabilized, and seven are market-rate. |
April 2008 |
| 124-26 West 139th St map | 5-story apt. bldg, 30 units total | n/a | n/a | n/a | Massey Knakal | $3.0M | The multifamily walk-up property sold for $3.7 million. |
April 2008 |
| 660 Park Ave map | Comm. condo | Aerin Lauder Zinterhoffer | n/a | Dr. Paul M. Striker | n/a | $3.0M | The ground-floor commercial condominium sold for $3.65 million. |
April 2008 |
| 250 Adelphi St (Brooklyn) map | 4-story apt. bldg, 16 units total | n/a | n/a | n/a | A. Bromberg, Y. Edelkopf, Bluestone Realty Services | $3.0M | The walk-up property sold for $3.29 million, or approximately $200,000 per unit. The price represents a gross rent multiple of 14.6. |
April 2008 |
| 225-227 East 24th St map | 5,000 sf retail condo | Manhattan architect | Alan Nickman, Bellmarc West | n/a | John Ciraulo, Massey Knakal | $2.0M | The street-level commercial space sold for $2.65 million, or $530 per square foot. The unit contains approximately 3,075 square feet on the ground floor and 1,925 square feet in the cellar. |
April 2008 |
| 89-10 Jamaica Ave (Queens) map | 7,780 sf retail bldg | Manhattan investor | n/a | n/a | Stephen Preuss, Massey Knakal | $2.0M | The single-story commercial property sold for $2.4 million, or $308 per square foot. The price represents a capitalization rate of 5.8 percent and a gross rent multiple of 17.1. The building is triple-net leased by Rite Aid through 2016, with four additional five-year lease renewal options. |
April 2008 |
| 175 North 10th St (Brooklyn) map | Development site | Brooklyn developer | n/a | n/a | Mark Lively, Massey Knakal | $2.0M | The warehouse sold for $2.35 million, or $174 per buildable square foot. The zoning allows for approximately 13,500 buildable square feet; 10,000 square feet can be designated for commercial use. |
April 2008 |
| 346 East 173rd St (The Bronx) map | 5-story, 19,000 sf mixed-use bldg | Manhattan investors | n/a | n/a | D. Canning, S. Shkury, Massey Knakal | $2.0M | The walk-up property sold for $2 million, or $105 per square foot. The building has 20 residential units and three commercial units. The site is zoned for approximately 26,518 square feet of air rights. |
April 2008 |
| 757 Nostrand Ave (Brooklyn) map | 6,183 sf mixed-use bldg | n/a | Matt Fotis, Marcus & Millichap | n/a | Matt Fotis, Marcus & Millichap | $1.0M | The property sold for $1.66 million, or $268 per square foot. The price represents a capitalization rate of 2 percent. The building was delivered 95 percent vacant. |
April 2008 |
| 3857-3861 Third Ave (The Bronx) map | Development site | Manhattan developer | n/a | n/a | David Canning, Massey Knakal | $1.0M | The vacant site sold for $1.4 million, or $39 per buildable square foot. The property has approximately 36,858 buildable square feet. The buyer plans to build housing on the site. |
April 2008 |
| 89 Douglass St (Brooklyn) map | 4,300 sf apt. bldg, 7 units total | Manhattan user | Nick Arnold, Corcoran | n/a | Ken Freeman, Massey Knakal | $1.0M | The walk-up property sold for $1.4 million, or $326 per square foot. The price represents a capitalization rate of 5.1 percent and a gross rent multiple of 13.5. Four units are rent-stabilized, two are rent-controlled and two are free-market. The property has an additional 1,200 square feet of air rights. |
April 2008 |
| 411 Myrtle Ave (Brooklyn) map | 4-story, 4,000 sf mixed-use bldg | Brooklyn investor | n/a | n/a | Michael Annunziata, Massey Knakal | $1.0M | The property sold for $1.32 million, or $330 per square foot. The building contains two one-bedrooms and one two-bedroom on floors two through four. The ground-floor retail space is occupied, but the lease is due to expire by mid-2008. |
April 2008 |
| Manhattan, Queens and Bronx portfolio map | 9 apt. bldgs | Northbrook Partners | n/a | AVJ Realty | n/a | $300.0M | The portfolio sold for more than $300 million. The properties include 98 Riverside Drive, 340 East 52nd Street, 56 Seventh Avenue and some condos at 172 West 79th Street. Also included in the deal were 185 Claremont Avenue in the Bronx and 105-05 69th Avenue in Queens. | March 2008 |
| 450 West 16th St map | 8-story, 286,000 sf industrial bldg | Stellar Management | n/a | n/a | n/a | $161.0M | The property sold for $161 million. The building is home to Milk Studios. | March 2008 |
| 180 Madison Ave map | 275,000 sf office bldg | The Claret Group; Prudential | n/a | Sitt Asset Management | Douglas Harmon, Eastdil Secured | $150.0M | The property sold for $150 million, or $540 per square foot. The seller acquired the building four years ago for $91.5 million. | March 2008 |
| 1199 First Ave map | 21-story, 195,000 sf apt. bldg | Stonehenge Partners | n/a | Broadway Management Co. | n/a | $126.0M | The property sold for $126 million. The building has 159 residential units and 13,500 square feet of retail space. Stores include LensCrafters, Duane Reade, Ricky’s and Maya Restaurant. The buyer will rename the tower Stonehenge 65th and renovate its lobby and hallways. | March 2008 |
| 511-519, 521-539 and 541-543 West 25th St map | 3 mixed-use bldgs | Halcyon Real Estate Investors; Cardinal Real Estate Investment | S. Siegel, A. Weisman, Grubb & Ellis | 511 W. 25th Street Corp. | S. Siegel, A. Weisman, Grubb & Ellis | $97.0M | The package of offices, storage and galleries sold for $97.5 million. | March 2008 |
| 600 Broadway map | 6-story office bldg | Alex Adjimi | n/a | Enterprise Asset Management | n/a | $71.0M | The commercial property closed for $71 million, or more than $1,000 per square foot. The ground-floor retail space is occupied by Pottery Barn. | March 2008 |
| 156 William St map | 250,000 sf office bldg | Capstone Equities | Georgia Malone & Company | AFIAA | Represented in-house | $60.0M | The property sold for $60 million, or $240 per square foot. The seller acquired the building more than two years ago for $40.75 million. | March 2008 |
| 16 West 57th St map | 5-story office bldg | n/a | Ivan Hakimian, Itzhaki Properties | n/a | Ofer Cohen, Itzhaki Properties | $60.0M | The property sold for $60 million. The building has additional air rights and could accommodate a boutique hotel development. | March 2008 |
| 318 East 15th St (Booth House) map | 130,000 sf apt. bldg, 148 units total | Arun Bhatia Development Corp. | n/a | New York Downtown Hospital | C&W | $56.0M | The property sold for $56 million. | March 2008 |
| 5 Beekman St map | 10-story, 128,220 sf office bldg | Bonjour Capital; Joseph Chetrit | Michael Wahba, United Equity Investments | Cammeby’s International | Michael Wahba, United Equity Investments | $50.0M | The landmarked prewar building reportedly went into contract for upwards of $50 million. The buyer plans to convert the property into a hotel. | March 2008 |
| 37-18 Northern Blvd (Queens) map | 6-story, 300,000 sf office bldg | EX 11 Northern Boulevard Acquisition | D. Baio, D. Junik, G. Blum, Greiner-Maltz | Standard Motor Products | D. Maltz, J. Maltz, Greiner-Maltz | $40.0M | SMP’s corporate headquarters went into contract for a sale-leaseback valued at $40.6 million. The property will be redeveloped for multiple loft-style commercial tenancy and ground-floor retail. The seller’s requirements for the deal included continued occupancy of up to a 30-year leaseback, in-building dining service and enhanced security. | March 2008 |
| 155 Fifth Ave map | 7-story, 32,500 sf office bldg | The Eretz Group | n/a | Philips International Holding Corp. | n/a | $38.0M | The building sold for $38 million. The seller purchased the property in July 2007 from the United Synagogue of Conservative Judaism for $26.5 million. | March 2008 |
| Lafayette Ave and Tiffany St (The Bronx) map | 400,000 sf industrial complex | Taconic Investment Partners; Denham Wolf Real Estate; Credit Suisse | n/a | The Blauner Family | n/a | $32.0M | The former American Bank Note Building sold for $32 million, or $70 per square foot. The joint venture plans to convert the 96-year-old, three-building complex into an office center for arts organizations, design firms and nonprofits. A retail food market is also planned. The New York City Investment Fund and i-Star Financial provided financing. The Landmarks Preservation Commission recently designated the property a landmark. | March 2008 |
| 325 West 33rd St map | Development site | Hotel developer | M. Ezratty, R. Ortiz, Eastern Consolidated | Glad Tidings Tabernacle | Karen Dome, Justdan Realty | $31.0M | The three-story church property sold for $31 million. A 95,000-square-foot, 250-room hotel is planned for the site. The owner was able to secure an additional 20,000 square feet of air rights through a city-operated District Improvement Fund Bonus. | March 2008 |
| 530-542 West 27th St map | 6-story comm. bldg | Centaur Properties | n/a | Rob Wootton | n/a | $29.0M | The former home of the nightclub BED sold for $29.4 million. The club closed in February 2007. | March 2008 |
| 1343-1347 Second Ave and 242 East 71st St map | Four 5-story mixed-use bldgs | n/a | D. Gutoff, A. Aghravi, Eastern Consolidated | Estate of Dr. Manuel Stapen | D. Gutoff, M. Ezratty, Eastern Consolidated | $27.0M | The residential package of 50 apartments and eight stores sold for $27.5 million. The average rent at the properties is $1,237, or $34 per square foot. The property sold with 48,975 square feet of additional air rights, which can support an 82,120-square-foot development with 16,424 square feet of commercial space. | March 2008 |
| 113 Jane St (Hotel Riverview) map | 5-story, 43,618 sf hotel | Sean MacPherson; Eric Goode | n/a | n/a | n/a | $27.0M | The hotel sold for $27 million. The buyers plan to restore and revamp the landmark hotel with a first-floor bar, second-floor restaurant and a rooftop bar terrace. | March 2008 |
| 553 11th Ave map | Vacant lot | The Moinian Group | n/a | ExxonMobil | n/a | $24.0M | The former site of a gas station sold for $24.5 million. The property is next door to the buyer’s 46-story, 478-unit Atelier condominium at 627 West 42nd Street. | March 2008 |
| Bronx portfolio map | 6 mixed-use bldgs | n/a | Eastern Consolidated | Intervest Development | Eastern Consolidated | $24.0M | The properties sold for $24.5 million. The portfolio includes 2195 Grand Concourse, 117 Kingsbridge Road, 25 Gunhill Road and 2424 East Tremont Avenue. The buildings combine for 179 residential units and 30 commercial units. | March 2008 |
| 435 West 33rd St map | Development site | Long Island hotelier | n/a | n/a | Robert Knakal, Massey Knakal | $24.0M | The property sold for $24 million, or $324 per buildable square foot. The site can support 96,281 buildable square feet if the developer purchases an additional 22,219 square feet of air rights from the city. | March 2008 |
| 340 East 23rd St (Gramercy by Starck) map | 13,850 sf retail condo | Omnispective Management Corp. | Roberto Ortiz, Eastern Consolidated | n/a | E. Lee, A. Miller, Eastern Consolidated | $22.0M | The commercial unit at the Philippe Starck-designed tower sold for $22.2 million. The retail space is triple-net leased to CVS Pharmacy for 25 years plus options. Sales at the 207-unit residential tower launched in May 2007, and the building is nearly complete. | March 2008 |
| 580 Union Ave (Brooklyn) map | Development site | Heather Wood Properties | n/a | McCarren Park | Bob Klein, Kalmon Dolgin Affiliates | $20.0M | The 35,000-square-foot parcel sold for $20 million. A 100,000-square-foot luxury rental building has been proposed for the site. | March 2008 |
| 8 Stone St map | Development site | Sam Chang | Howard Greenberg, DeMarzo Realty | Rockrose Development Corp. | n/a | $17.0M | The parking facility sold for $17 million. | March 2008 |
| 49-53 Ann St map | Development site | The Lam Group | Jae Choi, GFI Realty | Bennedetto and Nessim Tammam | Jae Choi, GFI Realty | $13.0M | The 15,500-square-foot vacant property sold for $13.15 million. The buyer is planning a hotel for the site, which has a maximum buildable area of 45,800 square feet. | March 2008 |
| 122 Spring St map | 5,200 sf store | n/a | D. Glaser, S. Schneider, Eastern Consolidated | n/a | E. Anton, R. Solarz, Eastern Consolidated | $12.0M | The John Varvatos store sold for $12.5 million. | March 2008 |
| 330 East 73rd St and 309 East 93rd St map | Two 5-story apt. bldgs, 30 units total | Carlton Management | Wells Newell, Reilly Mann Newell Realty Group | Norstan Associates | Wells Newell, Reilly Mann Newell Realty Group | $10.0M | The two properties sold for $10 million, or $530 per square foot. The price represents a capitalization rate of 4 percent and a gross rent multiple of 15. The average rent at the buildings is approximately $1,700 per month. | March 2008 |
