Commercial Sales |
Retail Leases |
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 |
|---|---|---|---|---|---|---|---|---|
| 525 Court St (Brooklyn) map | 6,000 buildable sf development site | Manhattan developer | n/a | n/a | Ken Freeman, Massey Knakal | $1.3M | The property sold for $1.3 million, or $122 per buildable square foot. | July 2008 |
| 433 DeKalb Ave (Brooklyn) map | 4-story, 7,020 sf mixed-use bldg | New Jersey developer | n/a | n/a | Peter Schubert, Massey Knakal | $1.45M | The property sold for $1.45 million, or $207 per square foot. The building has six two-bedroom apartments and two retail spaces, including a restaurant and a vacant laundromat. | July 2008 |
| 1070 Anderson Ave (The Bronx) map | 41,000 buildable sf development site | New Destiny Housing | Shay Zach, Itzhaki Properties | n/a | Shay Zach, Itzhaki Properties | $1.65M | The property sold for $1.65 million, or $40 per buildable square foot. Plans for an affordable housing project are in place. | July 2008 |
| 2701 Kingsbridge Terrace (The Bronx) map | 14,100 sf development site | n/a | n/a | n/a | Massey Knakal | $1.86M | The three contiguous lots sold for $1.86 million. The site allows 34,000 buildable square feet for residential use or up to 67,680 buildable square feet for a community facility. Plans call for a six-story, 77-unit housing complex to service the city?s homeless and low-income veterans. | July 2008 |
| 2262 Jerome Ave (The Bronx) map | 1-story, 8,300 sf retail bldg | n/a | n/a | Houlihan-Parnes/iCap Realty Advisors | Represented in-house | $1.9M | The building sold for $1.9 million. The property is leased to supermarket chain A&P until 2015, but the purchaser is subleasing the retail space for its own grocery store. | July 2008 |
| 820 Second Ave (The Diplomat Center) map | 2,578 sf office condo | The Delegation of the Basque Country | Jonata Dayan, Winoker Realty | Philips International | S. Klau, T. Philips, Newmark Knight Frank | $2.0M | The 13th-floor office condo sold for just under $2 million. This will be the delegation?s second U.S. location, with another office in Chicago. | July 2008 |
| 154 Stanton St map | 2-story, 3,100 sf mixed-use bldg | Manhattan user | Elizabeth Juviler, Tungsten Properties | n/a | Michael DeCheser, Massey Knakal | $3.28M | The property sold for $3.28 million, or $1,058 per square foot. It was built in 1860 as a five-story structure, but the three upper floors were removed due to a fire in the 1950s. The building currently has two ground-level stores and a commercial space above with a roof deck. | July 2008 |
| 182-02 Jamaica Ave (Queens) map | 36,000 sf development site | Brooklyn investor | Dmitri Gourianov, Kalmon Dolgin Affiliates | Jamaica Motors | Barry Fishback, RKF | $3.6M | The property sold for $3.6 million. It is located in a rezoned New York State Empire Zone, which offers users tax credits, utility discounts and other incentives. The buyer plans to convert the site into a retail center. | July 2008 |
| 5 King St map | 5-story, 8,500 sf apt. bldg | Manhattan investor | n/a | n/a | James Nelson, Massey Knakal | $6.2M | The walk-up multifamily property sold for $6.2 million, or $729 per square foot. The price represents a capitalization rate of 6.2 percent and a gross rent multiple of 13.3. The building has 16 apartments, including nine studios, two one-bedrooms and five two-bedrooms. | July 2008 |
| 9 Christopher St map | 13,710 sf mixed-use bldg | Manhattan investor | n/a | n/a | James Nelson, Massey Knakal | $8.45M | The walk-up building with two retail units sold for $8.45 million, or $616 per square foot. The price represents a capitalization rate of 4.1 percent and a gross rent multiple of 17.2. The property contains a mix of 13 rent-stabilized and free-market apartments, two of which are vacant. | July 2008 |
| 2460 Belmont Ave (The Bronx) map | 45,000 sf apt. bldg | Long Island investor | n/a | n/a | Marco Lala, Massey Knakal | $8.58M | The vacant residential property sold for $8.58 million, or $191 per square foot. | July 2008 |
| 150 Spring St map | 4-story, 6,400 sf comm. bldg | Vornado affiliate | n/a | Cape Advisors | n/a | $10.0M | The landmarked commercial building sold for $10 million. Cape Advisors bought the property for $8.45 million in September 2007. | July 2008 |
| 148 Spring St map | 4-story, 6,000 sf comm. bldg | n/a | n/a | Cape Advisors | n/a | $11.5M | The landmarked commercial property sold for $11.5 million. Cape Advisors purchased the building for $5.02 million in 2006. | July 2008 |
| One Hanson Place (Brooklyn) map | 31,856 sf office condo | Noyack Medical Partners | n/a | The Dermot Co.; Canyon-Johnson Urban Fund | R. Solarz, E. Anton, D. Schechtman, Eastern Consolidated | $13.0M | The medical office condo sold for around $13 million. Commercial rents at the property exceed $60 per square foot. | July 2008 |
| 160 West 48th St map | 4-story, 5,000 sf retail bldg | Rockefeller Group Development Corp. | n/a | Wolf Realty Associates of Bay Terrace | n/a | $13.9M | The building sold for $13.9 million. The site is zoned for a maximum build-out of 23,898 square feet. | July 2008 |
| 29 West 36th St map | 12-story, 82,000 sf office bldg | Broadway 36th Realty | Brian Ezratty, Eastern Consolidated | Celmons Management | B. Ezratty, S. Ellard, Eastern Consolidated | $29.0M | The loft building sold for $29 million. It will be refitted with new elevator systems and a card key access system before reopening. | July 2008 |
| 690 Madison Ave map | 5-story, 6,248 sf office bldg | Omandis NV | n/a | Fintal Holding SA | n/a | $50.0M | The property sold for $50 million. It is home to a Luca Luca store. | July 2008 |
| 30 West 47th St map | 10-story, 55,000 sf office bldg | Extell Development | n/a | Fifth Avenue Jewelers Exchange | n/a | $50.1M | The property sold for $50.1 million. It is zoned for a maximum build-out of 90,000 square feet. | July 2008 |
| Midtown West portfolio map | 13 apt. bldgs, 254 units total | The Orbach Group | Aaron Jungreis, Rosewood Realty Group | Nathan Halegua | n/a | $70.0M | The package of five-story walk-up rental buildings sold for $70 million. The properties are located on the south side of West 49th Street between Eighth and Ninth avenues. About half of the units in the portfolio are rent-regulated. The buildings have a combined seven stores. | July 2008 |
| 635 Madison Ave map | 144,075 sf office bldg | Ashkenazy Acquisitions | n/a | L&L Holdings | n/a | $70.0M | The 44 years remaining on the ground lease went into contract for around $70 million. L&L Holdings bought the ground last year for $110 million. | July 2008 |
| 157 West 47th St (Quality Hotel Times Square) map | 60,000 sf hotel | Rockefeller Group Development Corp. | n/a | Hampshire Hotels and Resorts | n/a | $75.0M | The hotel sold for $75 million. | July 2008 |
| Manhattan office portfolio map | 3 office bldgs, 1.44 million sf total | Boston Properties; Goldman Sachs; Middle Eastern investors | n/a | Macklowe Properties | Darcy Stacom, CBRE | $1100.0M | The three office towers sold for around $1.1 billion as part of a larger deal that included the $2.8 billion sale of the GM Building. The portfolio includes the 632,305-square-foot building at Two Grand Central Tower, the 540,000-square-foot tower at 125 West 55th Street and the 272,532-square-foot property at 540 Madison Avenue. | July 2008 |
| 767 Fifth Ave (GM Building) map | 50-story, 1.9 million sf office bldg | Boston Properties; Goldman Sachs; Middle Eastern investors | n/a | Macklowe Properties | Darcy Stacom, CBRE | $2800.0M | The tower sold for $2.8 billion, or about $1,474 per square foot. The deal broke the record for the highest price ever paid for a single office building, previously held by Kushner Companies? $1.8 billion purchase last year of 666 Fifth Avenue. Macklowe Properties sold the GM Building to help pay off overdue short-term debt on the seven Midtown office buildings Macklowe bought in a highly leveraged deal last year. Macklowe purchased the trophy tower for $1.4 billion in 2003. Boston Properties acquired a 60 percent stake in the GM Building, paying around $890 million in cash and assuming the $1.9 billion in debt, due to mature in 2017. The Boston Properties-led group also paid around $1.1 billion for three other Macklowe office properties in Manhattan (see below). | July 2008 |
| 104 Charlton St map | 3,000 sf office condo | Neevon Spring and Carry Speigel | Deborah Stewart, NYCRSv | n/a | Robson Zanetti, Sotheby’s International Realty | n/a | The architectural firm purchased the property at an undisclosed price. | June 2008 |
| 119 Fulton St map | 2,500 sf retail condo | One 19 Fulton LLC | M. Worthman, D. Rubens, Winick Realty Group | 119 Fulton Street Realty LLC | Z. Mishaan, L. Shabtai, Winick Realty Group | n/a | The commercial property sold at an undisclosed price. Winick Realty was appointed exclusive leasing agent for the space. | June 2008 |
| 980 East 174th St (The Bronx) map | 25,800 buildable sf development site | Queens developer | n/a | n/a | D. Simone, D. Canning, Massey Knakal | $1.17M | The property sold for $1.17 million, or $39 per buildable square foot. The site permits a development with up to 15,000 square feet of commercial space and 30,000 square feet of residential space. The buyer plans a 40-unit apartment building with 4,000 square feet of commercial space. | June 2008 |
| 508-510 West 29th St map | 5,478 sf of air rights | Ekstein Development | Ben Tapper, Eastern Consolidated | n/a | Roberto Ortiz, Eastern Consolidated | $1.7M | The air rights were purchased for $1.7 million, or $310 per square foot, and transferred over to another development site at 537-545 West 27th Street. With the additional air rights, a 128,913-square-foot rental and condo apartment building is being built there. | June 2008 |
| 219 St. John’s Pl (Brooklyn) map | 4,544 sf apt. bldg, 8 units total | Manhattan developer | Elizabeth Rueckerl-Betteil, Prudential Douglas Elliman | n/a | Ken Freeman, Massey Knakal | $1.85M | The multi-family property sold for $1.85 million, or $407 per square foot. Seven of the eight units were delivered vacant. The site has an additional 501 square feet of air rights. | June 2008 |
| 212-20/24 99th Ave (Queens) map | 15,000 sf industrial space | Public Utilities Maintenance | Dmitri Gourianov, Kalmon Dolgin Affiliates | Albert Abney | George Kines, Kaplon-Belo | $1.9M | The property sold for $1.9 million. The site contains a 10,000-square-foot industrial building and a 5,000-square-foot lot with a single-family home. | June 2008 |
| 31-25/26 Thomson Ave (Queens) map | 2-story, 4,000 sf retail bldg | n/a | n/a | n/a | Ken Hillman, Massey Knakal | $2.0M | The property sold for $2 million, or $500 per square foot. The price represents a capitalization rate of 4.6 percent and a gross rent multiple of 13.1. The building has two retail spaces and one office, and has an additional 6,000 square feet of air rights. | June 2008 |
| 9 St. Marks Ave (Brooklyn) map | 8-unit apt. bldg | n/a | Matthew Fotis, Marcus & Millichap | n/a | M. Fotis, D. O’Brien, M. Rosenzweig, M. Forrest, D. Shorenstein, Marcus & Millichap | $2.1M | The multi-family property sold for $2.1 million, or $274 per square foot. The price represents a capitalization rate of 6.2 percent and a gross rent multiple of 13. |
June 2008 |
| 1183-1189 Flatbush Ave (Brooklyn) map | 1-story, 6,355 sf retail bldg | Manhattan investor | Samuel Mizrahi, Century 21 Mizrahi Realty | n/a | Eric Greenfield, Massey Knakal | $2.15M | The property sold for $2.15 million, or $338 per square foot. The price represents a capitalization rate of 5.7 percent and a gross rent multiple of 13.5. The site contains 27,287 buildable square feet of air rights. |
June 2008 |
| 2871 Grand Concourse (The Bronx) map | 5-story, 20,250 sf apt. bldg, 21 units total | Bronx investor | n/a | n/a | Marco Lala, Massey Knakal | $2.15M | The residential property sold for $2.15 million, or $106 per square foot. The price represents a capitalization rate of 7.7 percent and a gross rent multiple of 7.9. The building contains 12 two-bedrooms and nine three-bedrooms. |
June 2008 |
| 878-886 Westchester Ave (The Bronx) map | 62,400 buildable sf development site | n/a | Shay Zach, Itzhaki Properties | n/a | Shay Zach, Itzhaki Properties | $2.28M | The two adjacent lots were sold for $2.28 million. The lot at 878 Westchester Avenue was delivered vacant while 886 Westchester Avenue contains a one-story building. The buyer plans a mixed-use development consisting of retail and rental units. |
June 2008 |
| 118 West 114th St map | 5-story apt. bldg, 10 units total | International investor | n/a | n/a | Shimon Shkury, Massey Knakal | $2.35M | The residential property sold for $2.35 million. The price represented a capitalization rate of 5.3 percent and a gross rent multiple of 13.3. |
June 2008 |
| 8325 Fifth Ave (Brooklyn) map | 3-story, 7,194 sf mixed-use bldg | Manhattan investor | n/a | Zenon Post | Stephen Palmese, Massey Knakal | $2.48M | The property sold for $2.48 million, or $345 per square foot. The price represents a capitalization rate of 5.4 percent and a gross rent multiple of 12.2. The building contains four apartments, three stores and an office, and has 3,300 square feet of air rights. |
June 2008 |
| 232 East 50th St map | 4-story, 4,666 sf mixed-use bldg | n/a | n/a | n/a | Clint Olsen, Massey Knakal | $2.7M | The property sold for $2.7 million, or $579 per square foot. The price represents a capitalization rate of 5.4 percent and a gross rent multiple of 12.9. The site has 8,367 buildable square feet and 3,701 square feet of air rights. | June 2008 |
| 318 East 62nd St map | 6,100 sf mixed-use bldg | Manhattan investor | Rachel Mizrahi, Domain Properties | n/a | Clint Olsen, Massey Knakal | $3.9M | The property sold for $3.9 million, or $633 per square foot. The building has an additional 1,872 square feet of air rights. |
June 2008 |
| 85 Pitt St map | 6-story apt. bldg, 21 units total | Manhattan investor | Bart Zimmerman, Barcel Group | 85-87 Pitt Street Realty Corp. | Bart Zimmerman, Barcel Group | $5.11M | The property sold for $5.11 million, or $419 per square foot. The price represents a gross rent multiple of 13.5. The average rent per apartment is $1,228. |
June 2008 |
| 516 East 81st St map | 5-story, 9,460 sf apt. bldg, 15 units total | n/a | Joshua Zellner, Zellner Realty Corp. | n/a | Joshua Zellner, Zellner Realty Corp. | $5.2M | The residential property sold for $5.2 million, or $550 per square foot. The price represents a capitalization rate of 6 percent and a gross rent multiple of 12.3. |
June 2008 |
| 2282 Ocean Ave (Brooklyn) map | 6-story apt. bldg, 36 units total | Frey Management | Marcel Fridman, Barcel Group | Argus Realty | Marcel Fridman, Barcel Group | $5.25M | The property sold for $5.25 million. The price represents a capitalization rate of 5.8 percent and a gross rent multiple of 11.8. The average rent per apartment is $1,031. |
June 2008 |
| 1512 First Ave map | 2-story retail bldg | Red Apple Real Estate | n/a | Citibank | n/a | $5.4M | The bank location sold for $5.4 million to John Catsimatidis’ real estate group. Citibank leased back the space for a 15-year term. |
June 2008 |
| 208 West 82nd St map | 20-unit apt. bldg | Jack Lebewohl and partners | n/a | 208 West 82 LLC | W. Newell, J. Mann, Reilly Mann Newell Realty | $7.3M | The elevator building sold for $7.3 million. The price represents a capitalization rate of 4.6 percent and a gross rent multiple of 15. |
June 2008 |
| 29-21 41st Ave (Queens) map | 1-story, 8,664 sf office bldg | Westchester developer | Marcia Taranto, Sotheby’s International Realty | n/a | Alfonso Holloman, Massey Knakal | $7.73M | The commercial property sold for $7.73 million, or $892 per square foot. The site allows for 73,008 buildable square feet. |
June 2008 |
| 31-33 West 8th St map | Two 5-story mixed-use bldgs | Jack Lebewohl and partners | n/a | n/a | W. Newell, J. Mann, Reilly Mann Newell Realty | $8.65M | The contiguous properties sold for $8.65 million. The price represents a capitalization rate of 5.8 percent and a gross rent multiple of 12.5. The package comprises 16 apartments and five stores. |
June 2008 |
| New York City portfolio map | 6 retail bldgs | Markland Holdings Limited | n/a | Citibank | n/a | $12.33M | The six bank locations sold for $12.33 million. Citibank sold 4249 Broadway for $4.3 million; 38-18 Queens Boulevard in Sunnyside for $2.1 million; 133-07 Rockaway Boulevard in South Ozone Park for $1.98 million; 51-10 Metropolitan Avenue in Ridgewood for $1.12 million; 5324 Fifth Avenue in Brooklyn for $1.8 million; and 550 Hunt’s Point Avenue in the Bronx for $1.03 million. The bank signed a 15-year lease at each location, with options to extend for another 30 years. Citibank also entered into a $5.4 million sale-leaseback agreement with John Catsimatidis’ Red Apple Real Estate for a property at 1512 First Avenue (see below). |
June 2008 |
| 55 and 61 Delancey St map | 2 mixed-use bldgsv | Madison Capital affiliate | n/a | 55 Delancey Street Realty | n/a | $19.6M | The two properties sold for $19.6 million. The buildings contain 45 rental apartments and seven commercial units. |
June 2008 |
| 42 East 57th St map | 5-story, 23,100 sf office bldg | T&A Holdings | n/a | East-Man Trading Company | n/a | $31.5M | The commercial property sold for $31.5 million. |
June 2008 |
| Upper Manhattan portfolio map | 10 apt. bldgs, 471 units total | Vantage Properties; Apollo Real Estate Advisors | n/a | Chatam Realty Management | Luca Capin and Associates | $57.5M | The package of five- and six-story rent-regulated buildings sold for $57.5 million. The apartments sold for an average of $122,000 each, or $142 per square foot. The buildings are located at 38-48 Sickles Street, 9-23 Thayer Street, 90 Ellwood Street, 961 St. Nicholas Avenue, 552 & 556 West 188th Street, 566 West 190th Street, 570 West 190th Street, 72 Vermilyea Avenue and 248 Sherman Avenue. |
June 2008 |
| 125 West 45th St (Hotel QT) map | 16-story, 57,520 sf hotel | Room Mate Hotels | n/a | Andre Balazs | n/a | $82.0M | The hotel building sold for $82 million. |
June 2008 |
| 49-55 West 47th St map | 13-story mixed-use bldg | Wo Yee Hing Realty Corp.; Real Evergreen International | n/a | Western Management Corp. | n/a | $85.0M | The property sold for $85 million. The first three floors of the building house 115 jewelers. The building, built in 1963, also has about 49,500 square feet of office space and 10 residential units. |
June 2008 |
| 666 Fifth Ave map | 90,000 sf retail space | The Carlyle Group; Crown Acquisitions | n/a | Kushner Companies | n/a | $525.0M | A 49 percent stake in the building’s retail space sold for $525 million. Kushner will continue to own 100 percent of the office portion of the tower, which was acquired last year for a record $1.8 billion. |
June 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 201 and 221 Linden Blvd (Brooklyn) map | Two 6-story apt. bldgs, 352,540 sf total | New York investor | Erik Yankelovich, GFI Realty | n/a | n/a | $25.5M | The prewar properties sold for $25.5 million. The buildings combine for almost 300 units, 50 percent of which are two-, three- and four-bedrooms. The average monthly rent at the properties is less than $800. | May 2008 |
| 140 Sixth Ave map | 11,470 sf development site | Integrated Capital | n/a | n/a | n/a | $33.5M | The property sold for $33.5 million. The lot is zoned for a maximum buildable area of 57,350 square feet. | May 2008 |
| 305-309 East 33rd St map | Development site | Toll Brothers | n/a | The Kibel Company | n/a | $56.65M | The Kibel Company transferred the site to a joint venture with Toll Brothers in a $56.65 million deal. | May 2008 |
| 210, 220 and 230 West 107th St map | Three 6-story apt. bldgs, 153,786 sf total | The Dermot Company | n/a | Millbrook Properties | R. Abudi, D. Suissa, GFI Realty | $60.0M | The three prewar elevator buildings sold for $60 million, or $398 per square foot. The properties have a combined 183 apartments, with an average monthly rent of $1,282. The site has an additional 79,048 square feet of air rights. | May 2008 |
| 45 Wall St map | 27-story, 493,187 sf apt. bldg | Rockrose Development Corp. | n/a | The Teachers’ Retirement System of the State of Illinois | n/a | $70.8M | The developer became the sole owner of the building after buying out the Illinois pension fund’s 56 percent interest for a net price of $70.8 million. | May 2008 |
| 62-60 99th St (Queens) map | 417-unit apt. bldg | Vantage Properties; Lubert-Adler | n/a | n/a | n/a | $75.0M | Rego Park’s largest apartment building, Saxon Hall, went into contract for $75 million. The purchase represents a per-unit price of $180,000. | May 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 |
| 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 |
| 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 |
| 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 |
