The Real Deal New York

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

Madison Realty Capital buys retail space at Williamsburg Federal Savings Bank Tower; Halpern Real Estate Ventures picks up Soho building

July 21, 2015 05:00PM
By Kyna Doles

From left: 1 Hanson Place, Josh Zegen, and rendering of 71 Fourth Avenue

From left: 1 Hanson Place, Josh Zegen, and rendering of 71 East Fourth Avenue

1.) A development site at 80 East 10th Street, also known as 71  Fourth Avenue, sold for $19.97 million. Miami-based Savitar Realty Advisors acquired the East Village commercial building from the Luxe Group and filed permits earlier this month to construct a new 10-story building. The seller retained a small interest in the retail portion of the development. The new 25,500-square-foot building will replace a single-story, 3,000-square-foot structure. The property last traded hands in 2008 for $10 million.

2.) Fairfield Properties is the new owner of a 104-unit Far Rockaway apartment building. The property management firm paid $18.5 million for the six-story building at 707 Beach 9th Street. The 83,730-square-foot building spans an entire block between Garden Court and Caffrey Avenue. E&M Associates purchased the building in 2014 for $11.3 million.

3.) The Moinian Group sold 13 residential units at its W Downtown Hotel & Residences for $18 million. The buyer is listed as San Francisco-based entity Silver Village Properties LLC. The units are located between the 33rd and 54th floors in the 56-story tower at 123 Washington Street in the Financial District, and includes two penthouses.

4.) Josh Zegen’s Madison Realty Capital and Siguler Guff scooped up a retail unit in the Williamsburg Federal Savings Bank Tower for $18 million. The 40,000-square-foot commercial space is located in the 41-story building at 1 Hanson Place in Fort Greene. Canyon Capital Realty Advisors is the seller. (Note: In a news release, Madison claimed it paid $20.4 million for the space.)

5.) Halpern Real Estate Ventures purchased another parcel for its Soho development site at 100 Varick Street, which features a 290-foot residential tower. The developer shelled out $17.4 million for a three-story, 3,500-square-foot apartment building at 58 Watts Street. Halpern, in partnership with Michael Shvo and Erez Itzhaki, acquired the surrounding properties bordered by Sixth Avenue, Broome, Varick and Watts streets in 2014 for $130 million. Peter Bergman and Nancy Clark sold the property at 58 Watts Street.

6.) Fisher Associates purchased a pair of Washington Heights residential properties for $13 million from Bronstein Properties. The five-story, contiguous buildings are located at 574 and 580 West 176th Street, between St. Nicholas Avenue and Audobon Avenue. They have a combined 60 units and 44,000 square feet.

7.) A West Village multi-family building once home to 19th-century portrait painter Charles Webster Hawthorne sold for $12.5 million. An entity listed as Eleventh and Fourth Property LLC purchased the five-story building at 280 West 4th Street from Ana Airapetian. The building has four residential units and totals 3,700 square feet.

(Source: ACRIS data for closed sales between July 13-19, and Reonomy data)