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 |
|---|---|---|---|---|---|---|---|---|
| 653 10th Ave map | 2-story, 11,500 sf bldg | n/a | n/a | Clinton Recording Studios | n/a | $9.0M | The historic recording studio sold for $9.8 million. | March 2008 |
| 86 University Place map | 5-story, 7,365 sf mixed-use bldg | New Jersey investor | Jared Lustbader, Hub Realty | n/a | James Nelson, Massey Knakal | $9.0M | The walk-up property sold for $9.2 million, or $1,249 per square foot. The price represents a capitalization rate of 4.8 percent and a gross rent multiple of 17.1. The building consists of a Mexican restaurant on the ground, first and second floors and four fair-market apartments on floors two through five. The buyer can also tap into 6,933 square feet of unused air rights. | March 2008 |
| 3868 Broadway map | 6-story, 45,023 sf mixed-use bldg | SDG Management Corp. | n/a | 3868 Broadway Realty | W. Newell, J. Mann, Reilly Mann Newell Realty Group | $9.0M | The elevator building sold for $9.1 million, or $152 per square foot. The property consists of 37 apartments and seven stores. The seller had owned the building since 1985. | March 2008 |
| 1532 and 1609 Ocean Ave (Brooklyn) map | 2 apt. bldgs, 85,000 sf total | n/a | Shulem Paneth, GFI Realty | n/a | n/a | $7.0M | The pair of four-story walk-up buildings sold for $7.5 million. The price represents a gross rent multiple of 9.3. Both properties are rent-stabilized and consist of 74 units total. | March 2008 |
| 125 Maiden Lane map | 13,844 sf office condo | HRC Partners | S. Sloves, G. Chatzopoulos, CBRE | n/a | Michael Rudder, Time Equities | $6.0M | The commercial condo sold for nearly $6.3 million. | March 2008 |
| 555 West 125th St map | 10,800 sf retail bldg | Columbia University | n/a | Vickers Realty | n/a | $6.0M | The commercial property sold for $6.25 million. | March 2008 |
| 93-23 218th St (Queens) map | 4-story, 45,760 sf apt. bldg, 47 units total | n/a | Joshua Zellner, Zellner Realty Corp. | n/a | Joshua Zellner, Zellner Realty Corp. | $5.0M | The property sold for $5.83 million, or $127 per square foot. The price represents a capitalization rate of 5.2 percent and a gross rent multiple of 12. The average rent at the building is approximately $813 per month. | March 2008 |
| 507 West 20th St map | Development site | Avalon Bay Communities | Yaron Zohar, Zohar Properties | n/a | Yaron Zohar, Zohar Properties | $5.0M | The property’s air rights sold for $5.77 million, or $250 per square foot. | March 2008 |
| 53 West 88th St map | 5-story apt. bldg, 10 units total | Manhattan family | Rick Prestfelder, Leslie J. Garfield | n/a | M. Ferguson, R. Knakal, Massey Knakal | $4.0M | The property sold for $4 million, or $630 per square foot. The building is currently configured as 10 units, with nine one-bedrooms and one studio. The buyer plans to convert the property into a single-family townhouse. | March 2008 |
| 3730 and 3750 Bronx Blvd (The Bronx) map | 6-story, 43,085 sf apt. bldg | Bronx investor | n/a | n/a | Marco Lala, Massey Knakal | $3.0M | The elevator building sold for $3.85 million, or $89 per square foot. The price represents a capitalization rate of 5.65 percent and a gross rent multiple of 8.4. The property consists of 43 residential units and 33 parking spaces. | March 2008 |
| 310 East 149th St (The Bronx) map | Development site | Atlantic Development | Peter Cokin, NAI Friedland | n/a | n/a | $3.0M | The 4,300-square-foot property sold for $3.5 million. The buyer previously purchased two adjacent buildings with plans for a mixed-use complex on the site. | March 2008 |
| 319 East 90th St map | 5-story apt. bldg, 20 units total | The Vintage Group | n/a | n/a | B. Reilly, J. Mann, Reilly Mann Newell Realty Group | $3.0M | The walk-up property sold for $3.1 million, or $467 per square foot. The price represents a capitalization rate of 4 percent and a gross rent multiple of 14. The average rent at the building is approximately $1,150 per month. | March 2008 |
| 38-65 12th St (Queens) map | 2-story, 5,500 sf industrial bldg | Queens user | n/a | n/a | Alfonso Holloman, Massey Knakal | $2.0M | The property sold for $2.3 million, or $271 per square foot. The first floor consists of warehouse space; the second floor mezzanine is comprised of office space and storage. The site supports up to 29,000 square feet of additional air rights. | March 2008 |
| 288 Mulberry St map | 3-story, 3,320 sf apt. bldg | Manhattan investor | n/a | n/a | M. DeCheser, R. Burton, Massey Knakal | $2.0M | The walk-up property sold for $2.17 million, or $652 per square foot. The lower level is vacant; the first floor is occupied by a rent-controlled tenant who pays $58 a month and has been there 65 years; and the second- and third-floor tenants each pay $1,570 per month. | March 2008 |
| 1663 Cody Ave (Queens) map | 14,900 sf industrial bldg | Queens user | Natalie Hurwitz, Sholom & Zuckerbrot | n/a | J. Falco, T. Donovan, Massey Knakal | $2.0M | The warehouse sold for $2.15 million, or $144 per square foot. The property has approximately 24,896 square feet of air rights. | March 2008 |
| 1737 East 21st St (Brooklyn) map | Development site | Brooklyn developer | n/a | n/a | Kevin Clark, Massey Knakal | $2.0M | The property sold for $2.05 million, or $86 per buildable square foot. The site is currently configured for 24,000 buildable square feet. | March 2008 |
| 2569 Ocean Ave (Brooklyn) map | 5,500 sf retail condo | Brooklyn investor | n/a | n/a | Kevin Clark, Massey Knakal | $2.0M | The commercial space sold for $2 million, or $364 per square foot. | March 2008 |
| 319 Jefferson St and 420 Melrose St (Brooklyn) map | 2 apt. bldgs, 16 units total | n/a | Zach Felson, Marcus & Millichap | n/a | Zach Felson, Marcus & Millichap | $1.0M | The pair of multifamily properties sold for $1.58 million, or $121 per square foot. The price represents a gross rent multiple of 10. | March 2008 |
| 178 Nassau Ave (Brooklyn) map | 4-story, 6,000 sf mixed-use bldg | n/a | S. Boukhalfa, Z. Felson, Marcus & Millichap | n/a | S. Boukhalfa, Z. Felson, Marcus & Millichap | $1.0M | The building sold for $1.5 million, or $297 per square foot. The price represents a capitalization rate of 8.7 percent. The property has two stores and four apartments. | March 2008 |
| 437 Clermont Ave (Brooklyn) map | 4-story, 3,015 sf apt. bldg | n/a | n/a | n/a | Michael Annunziata, Massey Knakal | $1.0M | The multifamily brownstone sold for $1.3 million, or $431 per square foot. The price represents a capitalization rate of 4.8 percent and a gross rent multiple of 15.1. | March 2008 |
| 62 Thomas St map | 12,000 sf retail condo | Zar Property NY | n/a | n/a | n/a | n/a | The site of Japanese eatery Megu sold for an undisclosed price. | March 2008 |
| 442 West 36th St map | 15-story, 20,344 sf hotel | Gemini Real Estate Advisors | n/a | n/a | n/a | n/a | The 56-room hotel sold for an undisclosed price. | March 2008 |
| 100 William St map | 21-story, 400,000 sf office bldg | Mitsui Fudosan America Inc. | n/a | Lighthouse Real Estate Ventures | CBRE | $180.0M | The property sold for $180 million. The seller purchased the building, together with Cargill Financial Services, for $45 million in 1999.The property is currently more than 90 percent leased. | February 2008 |
| 28 East 10th St (Devonshire House) map | 131-unit apt. bldg | Sterling American Properties subsidiary | E. Anton, R. Solarz, D. Gutoff, Eastern Consolidated | n/a | E. Anton, R. Solarz, D. Glaser, S. Schneider, Eastern Consolidated | $110.0M | The Emery Roth-designed property sold for $110 million. The seller was a family that owned the building since the 1940s. | February 2008 |
| 415 West 51st St map | Development site | Tessler Development | n/a | St. Vincent Catholic Medical Centers | n/a | $84.0M | The two-building hospital site sold for $84.7 million. The buyer plans to renovate the property for residential use. | February 2008 |
| 700 Broadway map | 100,000 sf office bldg | Jared Kushner | n/a | Lincoln Property Co. | C&W | $80.0M | The former headquarters of the National Audubon Society sold for $80 million. The seller purchased the building in 2006 for $53 million. The Society is relocating its offices to 225 Varick Street. | February 2008 |
| 396 Broadway map | 10-story, 61,219 sf office bldg | Spanish real estate fund | D. Behunic, DMB Capital Realty Advisors; Petar Vided, A&I Realty | Isaac Chetrit | David Barrette, Cast Iron Real Estate | $40.0M | The property went into contract for $40 million, or $653 per square foot. The buyers can build a 100-room hotel at the site. | February 2008 |
| 305 East 61st St (Cirker’s Hayes Storage Warehouse) map | 10-story, 65,000 sf warehouse | The Chelsea Development Group | n/a | n/a | n/a | $28.0M | The property sold for $28 million. | February 2008 |
| 35 West 36th St map | 12-story, 78,000 sf office bldg | Hidrock Realty; Assurant Inc. | n/a | Douglaston Equities | n/a | $28.0M | The commercial property sold to the joint venture for $28 million. The buyers plan to upgrade and renovate the building. | February 2008 |
| Manhattan portfolio map | 4 apt. bldgs, 75 units total | n/a | Marcia Yawitz, Eastern Consolidated | Nyre Management | Azita Aghravi, Eastern Consolidated | $24.0M | The package of three walk-up properties and one elevator building sold for $24.4 million. The buildings are located at 331, 333, 335 and 337 West 43rd Street. The price represents a gross rent multiple of 16. | February 2008 |
| 264 Water St map | 8-story, 41,278 sf apt. bldg | Manhattan investor | n/a | n/a | Michael DeCheser, Massey Knakal | $22.0M | The elevator loft building sold for $22 million, or $533 per square foot. The price represents a capitalization rate of 3.8 percent and a gross rent multiple of 17.2. The property consists of 27 luxury apartments ranging in size from 910 to 1,860 square feet. | February 2008 |
| 167-177 Lafayette St map | 6-story, 35,287 sf mixed-use bldg | Eretz Group | n/a | Edwin Bass | Eastern Consolidated | $21.0M | The property sold for $21 million. The new owners plan to gut the century-old building, which has about 5,500 square feet of retail on the bottom floors. Rents are likely to fetch $50 or more per square foot after the renovations are completed. | February 2008 |
| 554-558 West 181st St map | Two 5-story apt. bldgs | Local investor | Nicole Carra, NLC Realty | n/a | Nicole Carra, NLC Realty | $17.0M | The contiguous walk-up properties sold for $17.25 million. The buildings combine for 38 apartments and seven stores. The buyer plans to upgrade the apartments. | February 2008 |
| 230 East 44th St map | 14-story, 135,315 sf mixed-use bldg | n/a | n/a | n/a | S. Bands, P. Von Der Ahe, Marcus & Millichap | $16.0M | The leasehold position sold for $16.2 million, or $120 per square foot. The property consists of 164 multifamily units and four commercial units. It also includes a 100-plus car garage. The price represents a gross rent multiple of seven. | February 2008 |
| 34 Berry St (Brooklyn) map | 37,700 sf industrial bldg | LCOR Inc. | n/a | The Sharon family | n/a | $15.0M | The century-old property sold for $15.8 million to the Pennsylvania-based developer. The building is zoned for a maximum buildable area of 108,000 square feet. | February 2008 |
| 470 Broadway map | 7,000 sf retail bldg | Thor Equities | Z. Mishaan, A. Dweck, Winick Realty Group | Dan Aizer | Zach Mishaan, Winick Realty Group | $15.0M | The commercial property sold for $15.5 million. The retail space will likely be occupied by a designer apparel store. | February 2008 |
| 352 Riverside Dr map | 5-story, 9,083 sf townhouse | Helen LaKelly Hunt | n/a | James B. Rogers Jr. | n/a | $15.0M | The property sold for $15 million. The townhouse, designed in 1899 by architect Robert D. Kohn, has original details such as a wide baronial staircase and eight fireplaces. | February 2008 |
| 62-64 East 34th St map | 5-story, 17,180 sf apt. bldg | n/a | Laurence Roberts, Arch Brokerage Ltd. | n/a | John Ciraulo, Massey Knakal | $13.0M | The elevator building sold for $13.5 million, or $786 per square foot. The price represents a capitalization rate of 3.2 percent and a gross rent multiple of 22.1. The property consists of two stores on the ground floor, office space on the second floor, and rent-stabilized apartments and eight free-market apartments on the upper floors. | February 2008 |
| 506-10 West 181st St map | 4-story, 26,264 sf mixed-use bldg | MICL LLC | n/a | 506-10 West 181 Street LLC | H. Greenberg, V. DiCarlo, DeMarzo Realty | $11.0M | The freestanding garage building sold for $11.5 million. The sale occurred on the final day of the buyer’s 1031 exchange period. | February 2008 |
| Manhattan portfolio map | 4 apt. bldgs, 78,331 sf total | Queens investor | n/a | n/a | M. Lala, S. Shkury, Massey Knakal | $11.0M | The portfolio sold for $11.1 million, or $142 per square foot. The price represents a capitalization rate of 4.9 percent and a gross rent multiple of 12.9. The properties are located at 201, 203-205, 217 and 233 West 111th Street. The buildings combine for 87 units, including eight studios, 29 one-bedrooms, 24 two-bedrooms and 26 three-bedrooms. | February 2008 |
| 601 East 82nd St map | 20-story, 296,940 sf mixed-use bldg | Simon Elias | n/a | Alexander Goren | n/a | $11.0M | The property sold for $11 million. | February 2008 |
| 516 East 14th St map | 1-story, 10,330 sf retail bldg | East 14th Lighthouse LLC | n/a | John Catsimatidis | n/a | $10.0M | The commercial property sold for $10.5 million. It is zoned for four stories and 41,612 buildable square feet. The buyer already owns neighboring properties at 512, 510 and 504 East 14th Street. | February 2008 |
| 44-46 East End Ave map | 5-story, 16,320 sf apt. bldg | Foreign investor | Nicole Carra, NLC Realty | NRJ Association | Tom Gammino, Massey Knakal; Mike Appell, Appell Associates | $10.0M | The elevator property sold for $10.25 million. The building contains 30 apartments and will remain as an investment rental property. | February 2008 |
| 152 East 55th St map | 6-story, 15,348 sf office bldg | Carvi Properties | Sotheby’s International Realty | The Research Centre of Kabbalah | n/a | $9.0M | The property sold for $9.3 million. | February 2008 |
| 1818 86th St (Brooklyn) map | 30,000 sf retail bldg | John Lazzara | Z. Mishaan, A. Dweck, Winick Realty Group | Raymon Srour | Zach Mishaan, Winick Realty Group | $7.0M | The retail building sold for $7.1 million. The space will be occupied by the American Place, a women’s clothing department store. | February 2008 |
| 11-15 Fulton St (Dumbo) map | 3 apt. bldgs | Local developer | n/a | n/a | Chaim Cahane, Fairmont Capital LLC | $7.0M | The three landmarked properties sold for $7 million. The buyer plans to convert the buildings into high-end luxury rental apartments. | February 2008 |
| 548 West 48th St map | 2-story, 6,250 sf comm. bldg | Sam Chang | n/a | n/a | n/a | $6.0M | The building currently housing a Pace Auto Parts Inc. sold for $6.6 million. | February 2008 |
| Staten Island portfolio map | 6 apt. bldgs, 62,838 sf total | n/a | n/a | n/a | M. Lala, J. Zotts, Massey Knakal | $4.0M | The 86-unit housing portfolio at 110 Harbor Loop and 15 Harbor Road sold for $4.55 million, or $72.41 per square foot. The price represents a capitalization rate of 8.5 percent and a gross rent multiple of 7.9. The properties are each two-story framed buildings. | February 2008 |
| 105 East 9th St map | 4-story, 5,520 sf mixed-use bldg | Manhattan investor | n/a | n/a | James Kinsey, Massey Knakal | $4.0M | The loft building sold for $4.4 million, or $797 per square foot. The price represents a capitalization rate of 5.8 percent and a gross rent multiple of 14.2. The property has 2,760 square feet of air rights. | February 2008 |
| 519 East 83rd St map | 8,125 sf apt. bldg, 15 units total | Queens investor | n/a | Craig Leuzzi, Craig Leuzzi & Associates | Tom Gammino, Massey Knakal | $4.0M | The residential property sold for $4.3 million, $529 per square foot. The price represents a capitalization rate of 4.4 percent and a gross rent multiple of 14. The building contains 14 rent-stabilized units and one is vacant. | February 2008 |
| 345-347 Flatbush Ave (Brooklyn) map | 6,934 sf mixed-use bldg, 8 stores total | 1031 exchange buyer | M. Fotis, D. O’Brien, Marcus & Millichap | n/a | M. Fotis, P. Von Der Ahe, Marcus & Millichap | $3.0M | The property sold for $3.8 million, or $548 per square foot. The price represents a capitalization rate of 5 percent. | February 2008 |
| 125 Maiden Lane map | 3,837 sf office condo | AVS | n/a | Time Equities | Michael Rudder, Time Equities | $2.0M | The nonprofit paid $2.5 million for the fifteenth-floor space. The firm had renewed its lease at 120 Wall Street just a year ago; it will now sublease that space. | February 2008 |
| 62-49 Forest Ave (Queens) map | Development site | Queens developer | n/a | n/a | Swain Weiner, Massey Knakal | $2.0M | The 17,589-square-foot parcel sold for $2.38 million, or $78 per buildable square foot. The property consists of three contiguous lots, with 30,531 buildable square feet for residential and commercial use. | February 2008 |
| 232 Russell St (Brooklyn) map | 3 comm. bldgs, 10,000 sf total | Brooklyn user | n/a | n/a | P. Kean, D. Canning, Massey Knakal | $2.0M | The industrial site sold for $2.3 million, or $230 per square foot. | February 2008 |
| 645 Van Nest Ave (The Bronx) map | 5-story, 24,000 sf mixed-use bldg | n/a | Ami Efrati, Itzhaki Properties | Precio Realty Corporation | E. Cohen, D. Padula, Itzhaki Properties | $2.0M | The walk-up property sold for $2.2 million, or $108 per square foot. The price represents a capitalization rate of 6.8 percent and a gross rent multiple of 9. The building includes 22 low-rent apartments and three ground-floor retail units. | February 2008 |
| Queens portfolio map | 4 mixed-use bldgs, 7,600 sf total | Queens investor | n/a | n/a | Stephen Preuss, Massey Knakal | $1.0M | The four contiguous properties at 96-12-14 Liberty Avenue and 96-21-23 Rockaway Boulevard sold for $1.83 million, or $240 per square foot. The price represented a capitalization rate of 9 percent and a gross rent multiple of 8.3. The buildings include six residential apartments and six retail units. | February 2008 |
| 102 West 134th St map | 4-story apt. bldg | Manhattan investor | n/a | n/a | Shimon Shkury, Massey Knakal | $1.0M | The walk-up property sold for $1.72 million, or $186 per square foot. The price represents a capitalization rate of 6.9 percent and a gross rent multiple of 10.1. It consists of 17 rent-stabilized one-bedrooms and two commercial units. | February 2008 |
| 120 East 90th St map | 15-story, 9,372 sf comm. condo | Duane Reade Inc. | n/a | Namdor Inc. | n/a | $1.0M | The property sold for $1.69 million. | February 2008 |
| 65-15 Queens Blvd (Queens) map | Development site | Queens developer | Gouranga Kundu, Advance Team Realty | n/a | T. Donovan, J. Falco, Massey Knakal | $1.0M | The 30-foot-wide property sold for $1.5 million, or $100 per buildable square foot. The site has a total footprint of 3,000 square feet and a maximum buildable square footage of 15,000 square feet. | February 2008 |
| 314 12th St (Brooklyn) map | Development site | New Jersey developer | n/a | n/a | Ken Freeman, Massey Knakal | $1.0M | The tear-down, two-family home with plans for new development sold for $1.35 million, or $180 per square foot. The site contains 7,500 square feet and comes with approved plans for a four-unit elevator building. | February 2008 |
| Queens portfolio map | Development site | Queens 1031 exchange buyer | Charles Sciberras, Re/Max Today | n/a | Lynne Davis, Massey Knakal | $1.0M | The blockfront development site sold for $1.14 million, or $142 per square foot. The portfolio includes a one-family house and a three-family house; it also includes five garages at 26-02, 26-04 and 26-06 21st Street as well as 18-51 and 18-53 26th Road. The property allows for 8,034 buildable square feet. | February 2008 |
| 29 Flatbush Ave (Brooklyn) map | Development site | The Dermot Co.; Grosvenor Investment Management US | n/a | n/a | n/a | n/a | The 16,575-square-foot parking lot sold at an undisclosed price. The buyer is planning a high-rise rental apartment building at the site. Construction is slated to begin in 2009. | February 2008 |
| 677 Madison Ave map | 5-story, 12,200 sf apt. bldg | Vornado 677 Madison LLC | n/a | 677 Madison East LLC | n/a | n/a | The walk-up property sold at an undisclosed price. | February 2008 |
| 301 Park Ave map | 2 hotels, 2 adjacent lots | BH Hotels LLC | n/a | Hilton Hotels Corporation | n/a | $1400.0M | The package of hotels and lots sold for $1.4 billion. The properties included the Waldorf-Astoria Hotel at 301 Park Avenue, which sold for $572.34 million; the Hilton New York at 1334 Sixth Avenue, which sold for $757.80 million; and two contiguous lots at 102-108 West 57th Street, which sold for $68.99 million. The deal was part of the Blackstone Group’s $26 billion buyout of Hilton in October. | January 2008 |
| 120 Park Ave map | 643,000 sf office bldg | Global Holdings Inc. | n/a | Altria Group | CBRE | $525.0M | The property sold for $525 million, or $816 per square foot. Altria, the Phillip Morris parent, is relocating 80 percent of its workforce to Richmond, Va. The building’s branch of the Whitney Museum is also departing. | January 2008 |
| 31 West 52nd St map | 30-story, 700,000 sf office bldg | Paramount Group | Jones Lang LaSalle | Deutsche Bank AG | n/a | $500.0M | The tower went into contract for more than $500 million. The building was previously expected to draw bids of about $1 billion. The property is more than 95 percent leased. | January 2008 |
| 250 West St map | 11-story, 300,000 sf office bldg | Coalco | n/a | Elad Properties | R. Baxter, R. Cohen, S. Latham, J. Caplan, C&W | $201.0M | The property sold for $201 million. The Russian developer, led by Vassily Anisimov, could convert the building to residential use. Elad paid $142 million to Citigroup for the property in June 2006. | January 2008 |
| 2139 Broadway map | 212-unit apt. bldg | VII West 75th Street LLC | n/a | AFA Asset Services | n/a | $109.0M | The residential building sold for $109 million. The seller purchased the prewar building in 1980. | January 2008 |
| 130 East 57th St map | 17-story hotel, 200 rooms total | Eight Hospitality Ownership Inc. | n/a | Citylife Hotel Group | n/a | $99.0M | The hotel went into contract for $99 million. | January 2008 |
| 641 Sixth Ave map | 8-story, 149,885 mixed-use bldg | Atlas Capital Group | n/a | Douglas Durst; Zuberry Development Corp. | B. Ezratty, P. Hauspurg, Eastern Consolidated | $85.0M | The commercial building closed for $85 million, or $540 per square foot, after a seven-month delay. The price represented a capitalization rate of 4.8 percent. | January 2008 |
| 743 Fifth Ave map | 10-story office bldg | Louis Vuitton | S. Latham, R. Baxter, J. Caplan, R. Cohen, C&W | Centurion Realty | n/a | $60.0M | The building sold for $60 million. The property is next door to the luxury handbag retailer’s flagship store at 1 East 57th Street. | January 2008 |
| 169 Columbia Heights map | 12 story, 74,393 sf res. bldg | Taurus Investment Holdings | n/a | Watchtower Bible and Tract Society | n/a | $50.0M | The Standish Arms Hotel building sold for $50 million. The prewar property’s 128 apartments were most recently used as living quarters for the Jehovah Witnesses. The new owner plans to convert the building into 100 rental units. Two-bedrooms will start at $3,600, one-bedrooms will rent for $2,800, and studios will go for $2,000. | January 2008 |
| 1186 Broadway map | 12-story hotel | GFI Development Co.; Dune Real Estate Funds | n/a | Broadway Breslin Associates LLC | n/a | $40.0M | The joint venture acquired the long-term leasehold interest in the hotel for $40 million. The lessee plans to renovate the property. | January 2008 |
| 548 West 22nd St map | 4-story, 38,000 sf comm. bldg | The Dia Art Foundation | n/a | n/a | n/a | $38.0M | The museum sold for $38.56 million. | January 2008 |
| 27 Grand St map | Development site | Extell Development | n/a | Brack Capital Real Estate | Ivan Hakimian, Itzhaki Properties | $33.0M | The former site of the Moondance Diner sold for $33.3 million. The 11,300-square-foot property is a collection of three lots bordered by Sixth Avenue and Thompson Street. The buyer plans a 114-room boutique hotel for the site, which can support 55,000 square feet of floor space as of right. It had previously been reported that the site would be used for a luxury apartment building. | January 2008 |
| 112 Ninth Ave map | 4-story, 57,000 sf apt. bldg, 65 units total | Fortuna Realty Group | n/a | n/a | n/a | $31.0M | The rental building sold for $31.4 million. The buyer plans to renovate and upgrade the prewar property and hopes to attract high-end retailers for the building’s ground-floor storefronts. | January 2008 |
| 415 Eighth Ave map | Development site | Savanna Real Estate Fund | n/a | Tahari & Cohen | Adelaide Polsinelli, Besen & Associates | $27.0M | The corner development site sold for $27.85 million. The buyer plans to build a 100,000-square-foot mixed-use building. | January 2008 |
| 313 West 37th St map | 8-story, 70,000 sf office bldg | Charles Yassky | Azita Aghravi, Eastern Consolidated | n/a | A. Aghravi, P. Nigido, Eastern Consolidated | $26.0M | The commercial property sold for $26.5 million. The buyer plans to continue operating the prewar property as an office building until the leases expire. | January 2008 |
| 165 West 57th St map | 5-story, 22,000 sf comm. bldg | The Clover Foundation | n/a | Columbia Artists Management | n/a | $25.0M | The building sold for $25 million. The seller first purchased the property in 1972. | January 2008 |
| 138 William St map | 7-story, 35,674 sf comm. bldg | Swig Equities | n/a | The American Numismatic Society | n/a | $23.0M | The coin museum sold for $23.9 million. | January 2008 |
| 204 West 14th St map | 34,344 sf mixed-use bldg | Westchester management company | Joel Radmin, Extreme Realty | n/a | James Nelson, Massey Knakal | $20.0M | The elevator building sold for $20.5 million, or $597 per square foot. The price represented a capitalization rate of 3.3 percent and a gross rent multiple of 21.3. The property contains 52 rent-stabilized units, of which 14 are one-bedrooms; the remaining units are studios. | January 2008 |
| 1600 Sheepshead Bay Rd map | Development site | Acadia Realty Trust | n/a | n/a | B. Hanson, R. Knakal, B. Leary, Massey Knakal | $20.0M | The two neighboring properties sold for $20.35 million, the largest transaction in the neighborhood in 20 years. The parcels together comprise 95,832 square feet of space. 1600 Sheepshead Bay Road has a one-story, 8,400-square-foot building on the property; 1501 Voorhies Avenue has a two-story, 11,870-square-foot mixed-use building. The properties have a combined 330,000 commercial buildable square feet. | January 2008 |
| 344 West 14th St map | 6-story, 20,334 sf apt. bldg, 25 units total | RE Equities Corp. | n/a | n/a | J. Nelson, N. Diankov, Massey Knakal | $14.0M | The walk-up building sold for $14.05 million, or $691 per square foot. The price represents a capitalization rate of 1.8 percent and a gross rent multiple of 32.9. The units are a mix of two- and three-bedrooms; eight are free market, 12 are rent-stabilized and four are rent-controlled. The property has an additional 10,759 square feet of air rights. | January 2008 |
| 19-48 Hazen St map | 2-story, 80,000 sf industrial bldg | Safe Art Storage and Transport | Franklin Zuckerbrot, Sholom & Zuckerbrot Realty | n/a | Robert Klein, Kalmon Dolgin Affiliates | $10.0M | The industrial property sold for $10.8 million. | January 2008 |
| 44 East End Ave map | 5-story, 16,320 sf apt. bldg | Foreign investor | Nicole Carra, NRC Realty | NJR Association | Tom Gammino, Massey Knakal | $10.0M | The elevator building sold for $10.25 million. The price represented a capitalization rate of 4.1 percent. The new owner plans to renovate the property and will continue to operate the units as rentals. | January 2008 |
| 516 West 27th St map | Development site | West 27th Blackhouse LLC | Martin Ezratty, Eastern Consolidated | The Griecos | D. Schechtman, E. Anton, R. Solarz, Eastern Consolidated | $10.0M | The former auto garage sold for $10 million, or $405 per square foot. The buyer plans to erect a boutique hotel on the 5,000-square-foot site. The site allows for a 24,686-square-foot new development. | January 2008 |
| 56-17 49th Pl map | 42,000 sf industrial bldg | Mong Chong Long Trading Co. | Josh Segal, Josh Segal Realty | Manhattan Brass and Copper Co. | Sholom & Zuckerbrot Realty LLC | $8.0M | The property sold for $8.4 million, or $200 per square foot. The buyer intends to use the building as a distribution and food storage center. | January 2008 |
| 77 Emerson Pl map | Development site | 148 Classon LLC | n/a | Classon Holding Company | n/a | $7.0M | The five parcels sold for $7.5 million. The portfolio consists of three vacant lots at 77, 87 and 89 Emerson Place; a factory building at 148 Classon Avenue; and a single-family house at 158 Classon Avenue. The properties at 148 Classon Avenue and 77 and 89 Emerson Place were once part of a proposed seven-story residential development site. | January 2008 |
| 2828 Kings Highway map | 6-story, 46,800 sf apt. bldg, 48 units total | n/a | H. Fuchs, B. Weiss, Besen & Associates | n/a | H. Fuchs, B. Weiss, Besen & Associates; D. Moll, David Moll Associates | $5.0M | The elevator building sold for $5.85 million, or $125 per square foot. The price represented a capitalization rate of 4.6 percent and a gross rent multiple of 12.5. The average rent per apartment is $815.63 per month. | January 2008 |
| 309 West 80th St map | 4-story, 4,000 sf townhouse | n/a | n/a | n/a | n/a | $5.0M | The property sold for $5.5 million, or $1,300 per square foot. The prewar building is configured as a single-family home. | January 2008 |
| 311 Baltic St map | 5-story, 17,640 sf apt. bldg, 20 units total | Manhattan investor | n/a | n/a | Kenneth Freeman, Massey Knakal | $5.0M | The multifamily property sold for $5.2 million, or $295 per square foot. The price represents a capitalization rate of 4.8 percent and a gross rent multiple of 14.9. The property consists of 19 one-bedrooms and one two-bedroom. | January 2008 |
| 397 East 8th St map | Development site | Sam Chang, McSam Hotel Group | Charlotte Fu, Eastern Consolidated | Sam Obeid | Alan Miller, Eastern Consolidated | $4.0M | The property sold for $4.9 million. McSam plans a six-and-a-half-story residential condominium at the site. | January 2008 |
| 260 St. James Pl map | 2 apt. bldgs, 40 units total | Manhattan investor | n/a | n/a | Michael Annunziata, Massey Knakal | $4.0M | The two contiguous buildings sold for $4.1 million, or $228 per square foot. The price represents a capitalization rate of 5.3 percent and a gross rent multiple of 10.3. The properties combine for 50,000 square feet of space; all the units are one-bedrooms and are rent-stabilized. | January 2008 |
| 313 West 88th St map | 5-story, 6,200 sf townhouse | New Jersey investor | n/a | n/a | Meyrick Ferguson, Massey Knakal | $3.0M | The townhouse sold for $3.45 million, or $556 per square foot. The price represents a capitalization rate of 4.8 percent and a gross rent multiple of 14.2. The property is currently configured as 10 rental apartments. It includes eight one-bedrooms, a studio and a duplex garden unit; eight are free market, and the remaining two are rent-stabilized. | January 2008 |
| Brooklyn map | Two 4-story apt. bldgs, 36,000 sf total | n/a | Erik Yankelovich, GFI Realty Services | n/a | n/a | $3.0M | The two walk-up properties sold for $3.4 million. The buildings total 45 residential units and two stores. All the units are currently rent-stabilized. The new owner plans to renovate the vacant apartments and rent them out at market rates. | January 2008 |
| 243 East 82nd St map | 4-story, 3,200 sf townhouse | Investor | Stribling | n/a | J. Garfield, L. Rosengarten, Leslie J. Garfield & Co. | $3.0M | The multifamily property sold for $3.4 million. The building has 1,200 square feet of ground-floor commercial space, two offices on the second floor, and a residential three-bedroom duplex on the third and fourth floors. The buyer plans to convert the property back to single-family use. | January 2008 |
| 340 Fourth Ave map | Development site | Manhattan developer | n/a | n/a | Ken Freeman, Massey Knakal | $3.0M | The 10,000-square-foot vacant lot sold for $3.25 million, or $163 per square foot. The property contains 20,000 buildable square feet. | January 2008 |
| 349 West 87th St map | 5-story, 6,250 sf apt. bldg | Manhattan investor | n/a | n/a | Meyrick Ferguson, Massey Knakal | $3.0M | The walk-up property sold for $3.08 million, or $492 per square foot. The price represented a capitalization rate of 4.1 percent and a gross rent multiple of 16.9. The property has five floor-through units, three of which are free market and two that are rent-stabilized. | January 2008 |
| 70 West 106th St map | 5-story, 8,090 sf mixed-use bldg | Manhattan restaurateur | Joe Annunziata, Intown Realty | n/a | Meyrick Ferguson, Massey Knakal | $2.0M | The property sold for $2.79 million, or $345 per square foot. The price represented a capitalization rate of 4.9 percent and a gross rent multiple of 13.5. The building contains 13 rent-stabilized one-bedrooms and one rent-controlled one-bedroom. The property also contains two ground-floor stores, which were delivered vacant. | January 2008 |
| 364 West 119th St map | 5-story, 9,630 sf apt. bldg | New York State Department of Housing | n/a | n/a | Patrick O’Malley, Massey Knakal | $2.0M | The walk-up property sold for $2.7 million, or $280 per square foot. The building has an additional 454 square feet of air rights. | January 2008 |
