The Real Deal New York

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

May 26, 2015 02:45PM
By Kyna Doles

1058 Southern Boulevard, 50 Bond Street and Joseph Sitt

From left: 1058 Southern Boulevard, 50 Bond Street and Joseph Sitt

1.) Developer Sharon Kahen is expanding his presence in East Harlem with the purchase of a 43-unit rental building at 132 East 112th Street for $16.2 million. The building, located between Lexington and Park avenues, is seven stories and 47,100 square feet. Kahen and his partner Haim Levi also own a 60-unit rental property at 203 East East 121st Street and a 59-unit rental building currently under construction at 2183 Third Avenue, both in East Harlem. The Housing Partnership Development Corporation acquired 132 East 112th Street in 2013 for $10 million before selling it to Kahen.

2.) Investor Jung Yong Park bought a 59-unit rental building at 1058 Southern Boulevard in the South Bronx for $15.1 million. Bluestone Group acquired the debt on the building after landlord Miriam Shasho, who was on the city’s worst landlords list, lost the property to foreclosure. The six-story building raked up more than 140 complaints with the Department of Buildings, with issues ranging from a broken boiler in the middle of winter to a faulty elevator.

3.) JJ Operating Inc. paid $14.5 million for the former Flushing Savings Bank at 186 Montague Street in Brooklyn Heights. The two-story building, between Clinton and Court streets, is 19,200 square feet and about 30,000 square feet of unused air rights. No permits have been filed yet to convert or demolish the existing building.

4.) Idea Village CEO Andy Khubani purchased an Upper West Side multifamily building for $14 million and plans to convert the property into a single-family residence. The five-story building at 56 East 66th Street will be converted from eight apartments and one commercial unit into a 6,760-square-foot home, according to permits filed with the city’s Department of Buildings in May. The sellers are Sanjeev and Katrina Nath.

5.)  R.T.H Realty Corp. paid $13.6 million for a commercial building at 3 West 30th Street, located between Fifth Avenue and Broadway. The seller, hotel developer Li Hui Lo bought the property last year for $9.8 million. The six-story building is nearly 10,600 square feet and has 15,000 square feet of unused air rights. Lo is developing a 31-story hotel at 120-122 Water Street in the Financial District, as The Real Deal reported.

6.) Joseph Sitt’s Thor Equities picked up a commercial condo at 50 Bond Street for $11.2 million from Stewart & Sons LLC. The Noho ground-floor space is 3,200 square feet and part of a seven-story residential building. Stewart & Sons paid $1.2 million for the unit in 2004.

7.) Restauranteur Emilio Barletta sold Dopo East at 345 East 62nd Street for $10.5 million after a decade of owning the space. The commercial unit is part of a six-story townhouse with five residential units. Shiu Fong Mayma Chee is listed as the buyer. Barletta acquired the commercial unit in 2005 for $3.5 million and opened up the Italian restaurant.

(Source: ACRIS data for closed sales between May 18-24, and Reonomy data)