The Real Deal New York

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

Pinnacle Group buys a Vinegar Hill rental; BCB Management picks up two Kensington properties

June 30, 2015 02:25PM
By Kyna Doles

109 Gold Street, 37 Greene Street and Uzi Ben Abraham of Premier Equities

From left: 109 Gold Street, 37 Greene Street and Uzi Ben Abraham of Premier Equities

1.) Joel Wiener’s Pinnacle Group purchased a Vinegar Hill rental building at 109 Gold Street for $20 million. The 33-unit building between York and Front streets was converted from condominiums when the seller, Praedium Group, acquired the property for $14.5 million in 2012. The seven-story building spans nearly 35,000 square feet and prices range from $2,300 for a studio to $4,100 for a two-bedroom apartment.

2.) Ike and Elliot Chehebar’s Jackson Group sold a commercial condo in a 12-story building at 2 Cornelia Street for $19.2 million. Goldberg Group acquired the 4,500-square-foot retail space, paying nearly $4,266 per square foot. The unit last sold in 2013 for $16.5 million.

3.) A pair of Queens retail buildings traded hands for $15.7 million. Mendon Truck Leasing & Rental acquired the site, on the corner of Farmers and Guy R Brewer Boulevard , from Meir Babaev’s AB Capstone. The site is currently occupied by a Walgreens pharmacy and fast food chain. No permits have been filed yet with the city’s Department of Buildings to convert the existing buildings.

4.) A five-story West Village apartment building at 25 Grove Street sold for $15.2 million. Abraham Sanieoff, who controls the entity 25 Grove Street LLC, purchased the property from investors William Chester Taplitz and Bernice Taplitz. The building has 24 residential units and a single office unit totaling 13,000 square feet.

5.) One of the remaining properties along Seventh Avenue between West 34th and 35th streets not owned by Macy’s sold for $14 million. Michael Shah’s DelShah Capital purchased the two-story, two-unit commercial building at 461 Seventh Avenue, which is home to Dali Market. An entity listed as Bayview Medicus LLC is the seller.

6.) Premier Equities and Thor Equities partnered to buy a Soho retail space for $12 million. The 3,500-square-foot commercial condo at 37 Greene Street is currently occupied by Italian design company Kartell. The unit is located on the ground floor of the six-story condo building between Grand and Broome streets. Stephen Bluttal is the seller.

7.) BCB Management picked up two Kensington apartment buildings from Jonas Equities for $10.3 million. The contiguous properties at 241 and 245 Ocean Parkway in Brooklyn have a combined 32 units and 36,000 square feet of residential space.

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