The Real Deal New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

January 20, 2015 10:30AM
By Kyna Doles

From left: Rubin Schron, 605 West 141st Street and 172 Rivington Street

From left: Rubin Schron, 605 West 141st Street and 172 Rivington Street

1.) Rubin Schron’s Cammeby’s International purchased a commercial building at 614 Sheepshead Bay Road in Coney Island for $18.1 million. The nearly 25,000-square-foot building, located between 6th and 8th Streets, housed a single retail unit. The property can be developed up to 55,280 square feet. The seller is listed as 614 Sheepshead Bay Rd. LLC. No new permits have been filed for the building, but Schron filed permits last week for a massive Coney Island development project just across the street at 532 Neptune Avenue that call for a 40-story, 544-unit mixed-use tower.

2.) Astoria-based developer Mega Contracting picked up a parking lot at 31-53 31st Street in Queens for $17.1 million. The property is already slated for residential development. Permits filed in September call for a seven-story, 102,060-square-foot mixed-use building on the property. The building will include 114 residential units and nearly 20,000 square feet of commercial space. SLCE is the architect of record. The sellers are listed as 1st Carico LLC, 31-53 31st Street LLC, Mary Ann Tina, Paula Livingston, James Tricarico, and Rocco Tricarico.

3.) Wildedge Group and David Berger’s Fifth Square Partners bought a parking garage at 280 St Marks Avenue in Brooklyn’s Prospect Heights neighborhood for $15.7 million. The seller was Car Park Systems of New York, Inc. The new buyers are seeking to develop a five-story building with 32 units and 50,758 square feet of residential space.

4.) In Downtown Brooklyn, a parcel located at 430 Albee Square sold for $14.5 million. Development firm All Year Management picked up the property, along with three adjacent buildings which sold in a separate transaction for $30 million. Car Park Systems of New York Inc. sold the property, which has 60,132 buildable square feet. The developer filed permits in June for an ODA-designed, 28-story mixed use tower that will total 118,977 square feet of space across the development site.

5.) A 24-unit residential building in the Hamilton Heights neighborhood of Manhattan sold for $12.3 million. Madison Realty Capital sold the apartment building located at 605 West 141st Street to a buyer listed as 605-607 West 141 BCR, LLC. The six-story elevator building has 31,700 square feet of residential space and an additional 13,414 square feet of unused air rights. Madison sold the property for two-and-a-half times what it paid in 2011.

6.) Eunhasu Corp. purchased an industrial building at 47-33 Fifth Street in Long Island City for $12 million. The four-story building is zoned for mixed-use development and has 22,740 square feet of space. No new building or demolition permits have been filed for the property. The seller is listed as 47-23 5th Street Corp.

7.) A six-story walk-up at 172 Rivington Street sold for $10 million. An entity named 172 Rivington Holdings LLC, managed by Michael Cohen, sold the 23-unit apartment building. The Lower East Side property holds 9,725 square feet of residential and retail space. The buyer is listed as 172 Rivington Property LLC.

(Source: ACRIS data for closed sales between 1/12 to 1/18, PropertyShark data)

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