The Real Deal New York

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

Stone Street Properties picks up Chelsea resi building; NoVo Foundation takes office space in Boreum Hill

June 02, 2015 01:20PM
By Kyna Doles

401 State Street, 350 West 18th Street and Jeff Kaye

From left: 401 State Street, 350 West 18th Street and Jeff Kaye

1.) Developer Cheskel Schwimmer acquired vacant land along East 135th Street, near the Major Deegan Expressway, in the Bronx for $15.5 million. The site is adjacent to a storage facility owned by the seller, Storage Deluxe. Schwimmer is currently developing two four-story residential buildings at 1444-1446 Bedford Avenue in Crown Heights, and a 116-unit apartment building at 1326 Ocean Avenue in Midwood. No permits have been filed yet for the Bronx development site. Shoy McKen of Besen & Associates handled both sides.

2.) Dr. John Hajjar paid $15 million for a five-story industrial building at 438 West 51st Street. The 29,000-square-foot property in Midtown West was marketed as an opportunity for a medical facility conversion with an additional 7,000 square feet of air rights, although no permits have been filed yet for an alteration to the property. Robert Lewis is the seller.

3.) The Mann Group bought a rental building at 1045 Union Street, also known as 820 Franklin Avenue, in Crown Heights for $14.5 million The five-story building has 32 apartments and nearly 35,000 square feet of space. Peter Tessler’s ZT Realty paid $5.2 million for the property  in 2012.

4.) Jeffrey Kaye’s Stone Street Properties purchased an 18-unit residential building at 350 West 18th Street in Chelsea for $10 million. The six-story walk-up, between Seventh and Eighth avenues, is a rental building with nearly 9,900 square feet of space. The seller, Richard Sachs, paid $5.5 million for the building in 2006. Stone Street Properties also recently acquired a six-story residential building at 1413 York Avenue for $7 million.

5.) Midtown-based NoVo Foundation is moving into new digs at at 401 State Street in Boreum Hill. The charity foundation paid $10 million for the three-story, 13,500-square-foot office between Bond and Nevins streets. Brooklyn developer Martin Handler is the seller.

(Source: ACRIS data for closed sales between May 25-31, and Reonomy data)