The Real Deal New York

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

LargaVista buys a Harlem retail property and LeFrak sells a pair of Queens commercial buildings

September 01, 2015 03:20PM
By Kyna Doles

248 West 125th Street, 97-29 64th Road and Richard LeFrak

From left: 248 West 125th Street, 97-29 64th Road and Richard LeFrak

1.) Marcello Porcelli’s LargaVista Companies purchased a retail building at 248 West 125th Street for $16.5 million. The single-story retail property has two commercial tenants, including The Children’s Place. The building spans nearly 7,500 square feet  between Adam Clayton Powell and Frederick Douglass boulevards in Harlem. Harbor Group International acquired the building in 2012, along with a retail building at 1420 Broadway, for $20.3 million.

2.) A buyer under the entity name, 1 CPW Venture LLC, picked up five hotel units in Trump International Tower for $15.6 million. The units are spread between the seventh and 10th floors in the 44-story tower at 1 Central Park West. The seller, John Michael Sobrato, paid $11.9 million for the units in 2006.

3.) A Hudson Yards hotel located at 449 West 36th Street traded hands for $15 million. North Carolina-based Gemini Real Estate Advisors sold the 10-story GEM Hotel to Jia Jup An of Orchard Lodging LLC.

4.) The LeFrak Organization sold a development site in the Rego Park neighborhood of Queens for $11.5 million. Quincy Realty LLC is listed as the buyer. The two-story contiguous properties include a four-unit office building at 97-29 64th Road and, six-unit retail and office building at 97-19 64th Road, one block from Queens Boulevard. The site has 67,200 buildable square feet,

(Source: ACRIS data for closed sales between August 24- 30, and Reonomy data)