The Real Deal New York

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

Joshua Guttman sells two Brooklyn resi buildings; CUNY buys landmarked former dispensary

November 10, 2015 04:15PM
By Kyna Doles

From left: 132 Madison Avenue, 347 Lorimer Street and Robert Morgenstern

From left: 132 Madison Avenue, 347 Lorimer Street in Brooklyn and Robert Morgenstern

UPDATED, 4:52 p.m., Nov. 10: 1.) United American Land purchased a five-story loft building at 315 Broadway for $18.2 million, and the property may undergo a conversion. Retail and office tenants occupy the 21,000-square-foot building located between Duane and Thomas streets in Tribeca. The building has an additional 20,000 square feet of unused air rights, according to Reonomy. Ramrod Realty Management Co. LLC and Chloe Elizabeth Realty LLC are the sellers.

2.) The City University of New York is taking over the historic Mount Sinai Dispensary building at 149 East 67th Street in Lenox Hill. The college purchased the landmarked building from the Archdiocese of New York for $18 million. For nearly a century, the building was used a medical dispensary for Mount Sinai. The Archdiocese later acquired the building in 1987 and it has since served as the headquarters for the Kennedy Child Study Center.

3.) A 57-unit multifamily building at 865 Walton Avenue in the Bronx traded hands for $16.4 million. An anonymous buyer behind the entity Courtview Realty LLC acquired the property from its longtime owner Michael Vlassis. The multifamily also includes nine retail units and spans 55,312 square feet between East 158th and 161st streets.

4.) Developer Joshua Guttman is selling off more of his long-held Brooklyn assets. Guttman sold a residential building at 347 Lorimer Street to Morgenstern Capital for $15.5 million, after recently selling Morgenstern a pair of Brooklyn building for $28 million. The 15-unit loft building spans nearly 26,000 square feet and is located in Williamsburg, between Montrose and Meserole streets. The investment firm is led by Stone Street Properties co-founder, Robert Morgenstern.

5.) Veracity Real Estate Management purchased a 16-unit walk-up building in Little Italy for $13.2 million. The building at 146 Mulberry Street holds fifteen apartments and one retail unit across nearly 20,000 square feet.  James and Tony Calabrese’s Hendrie Lane Partners is the seller. In September, Veracity acquired an 18-unit building at nearby 7 Rivington Street in the Lower East Side.

6.) A Brooklyn warehouse at 1224 Flushing Avenue, with the potential for new development, sold for $12 million. David Moore scooped up the 19,500-square-foot property from seller Yu Long Zhang. The single-story building sits between Wyckoff and Irving avenues in Bushwick and is home to Reiko Wireless.

7.) In a separate transaction, Morgenstern Capital purchased a 27-unit residential building at 1381 Myrtle Avenue for $12.6 million from developer Josh Guttman. The corner building totals 33,600 square feet and includes three commercial units.

8.) Icon Realty Management’s Terrence Lowenberg and Todd Cohen sold a 14-unit rental building at 412 West 36th Street to an entity listed as Virtu Property Group, LLC for $11.5 million. The Midtown West building has 13 residential units and a single retail unit totaling 10,500 square feet. Icon paid $4.3 million for the property in 2013.

9.) The Bowery Mission’s headquarters at 132 Madison Avenue is making way for a new 53-story residential tower developed by J.D. Carlisle Development. The developer purchased the commercial building for $10.5 million from the Christian Herald Association, which had owned the property since 1998. It’s just one of more than a dozen properties along East 30th Street and Madison that J.D. is assembling for the site.

10.) Brooklyn-based RedSky Capital sold one of its Park Slope rental buildings at 704 8th Avenue for $10 million to an unidentified buyer. The building holds 13 apartments spanning 13,500 square feet. RedSky was originally asking $41 million for the property, combined with another rental building at 719-723 Eighth Avenue. A closed sales record for the second property has not yet been revealed.

(Source: ACRIS data for closed sales between Nov. 2-8, and Reonomy data)

Correction: A previous version of this post identified the address in #8 as 412 West 26th Street. The correct address is 412 West 36th Street.