The Real Deal New York

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

Sam Chang offloads a failed Midtown development site

February 24, 2015 09:30AM
By Kyna Doles

From left: 567 West 125th Street in Harlem, 439-443 West 54th Street in Manhattan and Sam Chang

From left: 567 West 125th Street in Harlem, 439-443 West 54th Street in Midtown and Sam Chang

1.) Sam Chang’s McSam Hotel Group sold two adjacent lots at 439-443 West 54th Street for $19.6 million in an all-cash transaction. Kobe Bussan purchased the vacant properties, between Ninth and 10th Avenues, which offer a combined 32,638 buildable square feet. Chang acquired the site in 2012 for $10.5 million with plans to build a seven-story, 101-unit hotel, but the development project never materialized after the buildings were demolished.

2.) Clark Stores sold two adjacent retail buildings at 37-46 and 37-50 82nd Street in Jackson Heights for $16.4 million. The two-story buildings each hold two commercial units and have a combined 12,460 square feet of space. Jackson Heights Retail, LLC, which shares an address with G4 Capital Partners, is listed as the buyer.

3.) The Fairview Nursing Care Center at 6970 Grand Central Parkway in Forest Hills, Queens traded hands for $13.5 million. Jayflow Associates sold the five-story, 24,260-square-foot building to an entity named Grand Central Parkway Realty LLC.

4.) Developer Steve Chung paid $11.8 million for a  Brooklyn development site in the Greenwood Heights neighborhood. Chung, in partnership with Abraham Hoffman’s Bushburg Properties, filed permits in December to bring a 12-story, 91-unit mixed-use building to  691 Fourth Avenue. Chung purchased the site which includes 685, 687, and 689 Fourth Avenue as well as 185 22nd Street. The new building will span 69,047 square feet and include ground-floor retail space. Twenty-two JC Realty, LLC is the seller.

5.) First Atlantic Real Estate purchased a six-story rental building at 567 West 125th Street in Harlem for $11.6 million. The 21,765-square-foot building includes 22 apartments and a single ground-floor retail unit. The seller, BCB Management, acquired the building for $5 million in 2012.

6.) Longtime owners Bright & Sunny Corp. sold a six-story residential building at the corner of 41-40 Parsons Boulevard in Flushing, Queens for $10.7 million. Ding Wai’s Wai Realty purchased the 44,128-square-foot building which holds 49 units, with an average rent of $1,162 per unit.

7.) A four-story West Village townhouse at 316 West 11th Street, on the corner of Greenwich Street, sold for $10.1 million. An entity named AI R New York LLC purchased the prewar building, which includes six residential units and ground-floor commercial space. The building totals 4,025 square feet. The seller, 750 Greenwhich Owner LLC, paid $5.7 million for the building in 2012.

8.) The Moran Group’s latest acquisition is a $10 million, six-story building at 2103-2121 Grand Concourse in the Bronx. The residential rental building includes 43 apartments and eight retail units, totaling 43,031 square feet. The seller, Stadium Holdings LLC, bought the building in 2004.

(Source: ACRIS data for closed sales between 2/16 t/o 2/22, PropertyShark data)

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