The Real Deal New York

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

Gluck's Stellar lands an East Village retail site; Joyce Theatre buys a Chelsea venue

September 08, 2015 05:55PM
By Kyna Doles

From left: 130 Second Avenue, Larry Gluck and 175 Eighth Avenue

From left: 130 Second Avenue, Larry Gluck and 175 Eighth Avenue

1.) The Orbach Group purchased an affordable housing building at 107-113 West 109th Street from Tahl Properties for $18 million. The 49-unit multifamily building sits between Broadway and Amsterdam Avenue in Morningside Park. Tahl Properties acquired the 31,000-square-foot building in 2007 for $7 million. In July, Orbach picked up a 54-unit multifamily building in the same neighborhood for $15.5 million.

2.) The Joyce Theatre Foundation acquired ownership of its Chelsea theatre for $16 million from Elliot Feld’s Ballet Tech Foundation and the Original Ballet Foundations. The dance theatre company has operated the 472-seat venue at 175 Eighth Avenue since 1982 and sold its Soho location in 2012 for $27 million, which helped fund the acquisition.

3.) Great Neck-based East Coast Management LLC purchased Sugar Hill Capital Partners’ multifamily building at 125 Seaman Avenue for $15.8 million. The six-story, 48-unit building is located between West 204th and 207th streets in Inwood. Sugar Hill paid $9.5 million for the 42,000-square-foot rental building last year.

4.) Larry Gluck’s Stellar Management shelled out $12 million for a JPMorgan Chase bank at 130 Second Avenue in the East Village. The two-story, 7,000-square-foot retail building, on the corner of St. Mark’s Place, has an additional 2,000 buildable square feet, although no plans for a new development have been filed yet. Icon Realty and Stellar also own the adjacent 24-unit multifamily building at 128 Second Avenue.

5.) The Haimof Group, led by Kamyar Haimof, purchased a pair of Williamsburg rental buildings from Madison Realty Capital for $10.2 million. The contiguous buildings, located at 409-413 Broadway between Hooper and Hewes streets, have a combined 20 units, ground-floor retail and span 22,000 square feet. Madison paid $8.23 million for the buildings in 2013.

(Source: ACRIS data for closed sales between August 31- 6, and Reonomy data)