The Real Deal New York

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

Ex- Soho teddy bear factory sells for $18.7M; Castellan shells out $10M for Midtown site

March 17, 2015 09:00AM
By Kyna Doles

From left: Rendering of 9 East 30th Street, Uzi Ben Abraham and 583 Broadway

From left: Rendering of 9 East 30th Street, 583 Broadway Uzi Ben Abraham

1.) The former home of the Original Teddy Bear Factory at 497 Broome Street in Soho traded hands for $18.7 million in a 1031 exchange. John Dee Corp. purchased the recently-renovated four-story, mixed-use building from A.M. Properties and Quality Capital. The sellers acquired the 6,700-square-foot building, located between West Broadway and Wooster streets, for $4.9 million in 2013.

2.) Uzi Ben Abraham and Yaron Jacobi’s Premier Equities purchased a commercial condo in the 12-story mixed-use building at 583 Broadway for $16 million. The 4,200-square-foot unit is one of two retail units in the Soho building, which includes tenants like Under Armour and contains 23 apartments. BMH Associates is the seller.

3.) Italian manufacturer SICIS North America purchased a Bronx warehouse at 150 Bruckner Boulevard for $14 million and is planning a renovation of the two-story building. The company, through its real estate holding company, Bianca USA Real Estate, Inc., requested subsidies through the New York City Industrial Development Agency in January to help it acquire the property and invest $1.2 million in renovations. The seller, BNS Real Estate, paid $5 million for the property in 2006.

4.) A 47-unit apartment building at 855 Ocean Avenue in Brooklyn’s Flatbush neighborhood sold for $13.4 million. An entity, whose president is listed as Arnold Simon, purchased the six-story residential building from Park & Coast II, LLC. The property spans 57,000 square feet and last traded for $7.6 million in 2011.

5.) In East Harlem, a mixed-use building traded for $12 million. An entity listed as 2085 Lexington LLC purchased the 36-unit building at 2085 Lexington Avenue, also known as 142-144 East 12th Street. The building’s ground floor holds over 5,000 square feet of retail space across six units. Another 30,000 square feet of the building is residential. The seller is 2085 Lex Operating Corp.

6.) The Episcopal Diocese of New York sold a pair of adjacent townhouses at 324 West 108th Street for $11.7 million. The five-story Upper West Side properties are currently vacant and are poised for renovation, although the buyers, W 108 Development LLC, have yet to file alteration permits. Located between Riverside Drive and West End Avenue, the elevator buildings are just over 14,000 square feet and was delivered with an additional 3,500 square feet of air rights.

7.) The developers behind the planned 21-story residential building at 9 East 30th Street paid $10 million for the development site. Castellan Real Estate Partners, with assistance from the New York City Partnership Housing Development Fund Company, will build a 21,000-square-foot building with 19 affordable studios and one market-rate unit. Kossar + Garry Architects is designing the skinny Midtown building. Armed Import Export Corp. sold the vacant land.

(Source: ACRIS data for closed sales between 3/9 t/o 3/15, PropertyShark data)

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