The Real Deal New York

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

Orbach Group buys 30-unit rental in Central Harlem; Steve Cheung picks up LIC development site

August 18, 2015 03:00PM
By Kyna Doles

Meyer Orbach, 9 Central Park North and 18 West 76th Street

From left: Meyer Orbach, 9 Central Park North and 18 West 76th Street

1.) Ascent Development closed on the purchase of a Long Island City development site for $12.3 million, a year after filing plans for a new 11-story mixed-use building at 11-45 47th Avenue. The city’s Department Of Buildings has not yet approved the proposed 56-unit, 54,000-square-foot new building, which will include retail and rooftop cabanas for residents. Leilenok Realty Corp. is the seller.

2.) Pongsri Thai owner Khun Prasit Tangchakkrachai sold his Chelsea location for nearly $12 million to wholesale knife manufacturer, Master Cutlery. Located at 165 West 23rd Street, between Sixth and Seventh avenues, the five-story building houses the Thai restaurant on the ground floor and five residential units spanning 8,500 square feet in total. Tangchakkrachai acquired the property in 2002. Peter Von Der Ahe, Joe Koicim, and Sean Lefkovits of Marcus & Millichap represented the buyer and seller.

3.) Terrence Lowenberg and Todd Cohen’s Icon Realty Management sold an 18-unit Upper West Side townhouse to an entity listed as 18 West 76th Street LLC for $11.6 million. The six-story building is located between Columbus Park Avenue and Central Park West, and was delivered to the buyer with only four of the units occupied by rent-stabilized tenant, according to a Cushman & Wakefield listing for the property. Icon acquired the townhouse in 2013 for $5.3 million, and sold it for under the original asking price of $13.5 million.

4.) The Orbach Group, led by landlord Meyer Orbach, acquired a 30-unit Central Harlem building at 9 Central Park North for $11 million. The five-story building includes 28 residential and two commercial units spanning nearly 24,000 square feet. Harlem-based landlord Tahl-Propp Equities is the seller. Tenant advocates accuse Orbach of attempting to kick out lower income residents to replace them with higher-paying tenants including Columbia University students who are willing to pay more for the units. Attorney General Eric Schneiderman’s office announced in January it was looking to complaints of tenants harassment from Orbach.

5.) Queens developer Steve Cheung paid $11 million for a Long Island City development site at 29-24 40th Avenue. Jane Lauren Wenglin of Kai Realty LLC is listed as the seller. The block-through site is situated between 29th Street and Northern Boulevard and is currently home to a 19,400-square-foot manufacturing building. No permits have been filed yet to demolish the structure or for a new building on the site. In November, Cheung sold a nearby development site at 29-37 41st Avenue for $46 million.

(Source: ACRIS data for closed sales between August 10- 16, and Reonomy data)