The Real Deal New York

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

Hub Realty offloads an East Harlem apartment for $18.2M; Redsky buys in DoBro

March 10, 2015 09:05AM
By Kyna Doles

From left: 86 University Place, 579 Fulton Street and Ben Bernstein

From left: 86 University Place in the West Village, 579 Fulton Street in Downtown Brooklyn and Ben Bernstein

1.) Two low-rise retail buildings at 138 and 142 West 32nd Street in Midtown South fetched $18.8 million. An entity named 138-142 West 32nd Street purchased the pair of adjacent buildings, located between Sixth and Seventh avenues. The buildings have a a total of 6,000 square feet of space across six units. Combined, the buildings have 35,000 buildable square feet. No new building or demolition permits have been filed yet. David and Joseph Simhon are the sellers.

2.) Michael Silvermintz’s SBM Associates acquired a 34-unit East Harlem apartment at 325-327 East 101st Street, between First and Second avenues, for $18.2 million. The purchase includes 37,000 square feet of residential space in an eight-story building, which also houses a 13,000-square-foot commercial unit on the ground and second floors. The seller, Hub Realty, paid $4.8 million for the residential portion of the building in 2010.

3.) Hub Realty also sold off a property at 86 University Place in the West Village for $13.2 million. Situated between 11th and 12th streets, the mixed-use building includes four residential units and a restaurant. The five-story building is 6,800 square feet and has an additional 7,000 square feet of unused air rights. Mark Lundy’s Gould Investors LP acquired the property for less than the original $15 million asking price.

4.) A Downtown Brooklyn retail site at 579 Fulton Street, between Flatbush and DeKalb avenues, traded hands for $15.2 million. RedSky Capital purchased the five-story building, which holds 21,000 square feet of ground-floor retail and storage space, and has a total of 85,000 buildable square feet. Permits were filed in December to demolish parts of the third through fifth floors of the building. Janart Equities, Inc. is the seller.

5.) Imperial Parking Systems purchased a parking garage at 158 Hester Street in Chinatown for $10.7 million. The garage spans 33,4000 square feet on the ground floor of a 63-unit mixed-use building. The seller, Extended Management, bought the space for $3 million in 2006.

(Source: ACRIS data for closed sales between 3/2 t/o 3/8, PropertyShark data)

MENU