The Real Deal New York

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

Sugar Hill Capital Partners sells a Washington Hts. building for $18.6M; Treetop buys four contiguous properties for $13.3M

April 07, 2015 11:00AM
By Kyna Doles

Adam Mermelstein, 106 West 144th Street and 4321 Broadway

From left: Adam Mermelstein, 106 West 144th Street and 4321 Broadway

1.) After two years of ownership, Sugar Hill Capital Partners sold a 74-unit mixed-use building at 4321 Broadway in Washington Heights for $18.6 million. It paid $11.4 million for the property in 2013. Burke Leighton Asset Management acquired the building, located on the corner of Broadway, which has 50,000 square feet of residential space and 4,000 square feet of commercial space.

2.) Steps away from Michael Bloomberg’s Upper East Side townhouse, investor Orin Portnoy acquired a five-story mixed-use townhouse at 27 East 79th Street for $15.7 million. The building, which dwarfs the adjacent properties, holds two units and has a total of 24,500 square feet of development rights. Thomas Reynolds is the seller.

3.) In Brooklyn, Sterling Equities, controlled by the Wilpon and Katz families, purchased a Cobble Hill retail site at 252 Court Street for $15.5 million from LA Kane Realty Corp, as The Real Deal reported last month. The building, located on the corner of Kane Street, has four ground-floor commercial units and totals 9,400 square feet. The property has an additional 12,600 square feet of development rights, however, the new owners have not yet filed permits for renovations to the existing building.

4.) Treetop Development acquired four contiguous apartment buildings at 104106108 and 110 West 144th Street in Central Harlem for $13.3 million. The four five-story properties have a total of 60 units and 51,500 square feet of residential space. The seller is longtime owner 144 St Johanna Associates.

5.) Joyland Management bought a Flatland, Brooklyn development site for $11.5 million.  The site is comprised of vacant land, a Hess gas station and a single townhouse on Avenue I and Nostrand Avenue. The properties consists of 30013003 and 3009 Avenue I as well as 22592263 and 2271 Nostrand Avenue. The development site has over 50,000 square feet of development rights, although no permits have been filed yet for the site. The sellers, Avenue I Associates and Nostrand Development LLC acquired the parcels for $1.8 million in 2007.

6.) A nine-unit Midtown building traded hands for $10.4 million. Sterling Properties NYC picked up the five-story mixed-use building at 129 West 56th Street from Terence and Phyllis Chang, who paid $4.5 million for the property in 2005. The 8,100-square-foot building, between Sixth and Seventh avenues, holds eight apartments and one retail unit. It has 25,100 square feet of development rights.

7.) Prana Investments sold an affordable housing building at 2051 Grand Concourse in the Bronx for $10 million. The corner property holds 63 apartments and a single commercial unit across 54,348 square feet of space. Prana paid nearly $5 million for the building in 2006. The buyer is listed as Parkash 2051 LLC.

(Source: ACRIS data for closed sales between 3/30 to 4/5, PropertyShark data)