The Real Deal New York

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

Thor Equities buys a Noho building; Institute for Family Health picks up East Harlem office space

June 23, 2015 02:55PM
By Kyna Doles

734 Broadway, Neil Calman of the Institute for Family Health and 2006 Madison Avenue

From left: 734 Broadway in Noho, Neil Calman of the Institute for Family Health and 2006 Madison Avenue in Harlem

1.) Joseph Sitt’s Thor Equities purchased Extell Development’s Noho building at 734 Broadway for $17 million. The five-story building, between Astor Place and East Fourth Street, has more than 6,000 square feet of commercial space. Extell acquired the building for $11 million in 2011 and filed permits last year to vertically enlarge the building to include an additional floor and a penthouse.

2.) The C-Town supermarket at 4511 Eighth Avenue in Borough Park traded hands for $15.8 million. Wei Guo picked up the 15,000-square-foot store from Richard Grobman, owner of Dan’s Supreme Supermarket. The property sits on the corner of 46th Street and Eighth Avenue in Sunset Park. Grobman paid $1 million for the building in 2003.

3.) Connecticut-based Morgan Group paid $14.7 million for a Kingsbridge Heights apartment building in the Bronx. The property at 135 Kingsbridge Road has 58 rental units and 10 commercial units. The building spans nearly 80,000 square feet on the corner of Sedgwick Avenue. The seller, AAG Management, acquired the building last year for $10.9 million.

4.) Jonathan Joels’ Portman Property Group purchased a commercial unit at the BeCa Condos in Flatbush for $14.2 million. The 8,700-square foot commercial condo and garage is part of the eight-story building at 2217 Caton Avenue. Gibralt Capital Corporation is the seller.

5.) A five-unit co-op building on the Upper West Side at 36 West 71st Street sold for $14 million. The buyer is an entity named Erzuli 36 LLC. The four-story, 5,000-square-foot building last traded hands nearly two decades ago to investor Stephen Smith. The property is located between Columbus Avenue and Central Park West.

6.) The Institute for Family Health is taking up office space at 2006 Madison Avenue. The nonprofit health organization paid $10.5 million for the five-story East Harlem building which spans nearly 29,000 square feet. The Palladia Housing Corporation formerly occupied the offices.

(Source: ACRIS data for closed sales between June 15-21, and Reonomy data)