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New York

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

Robert Jaffee buys troubled LES building; Shimmie Horn takes full control of Hell’s Kitchen hotel

71 Clinton Street, Danny Wrublin and 194 Avenue A
From left: 71 Clinton Street on the Lower East Side, Danny Wrublin and 194 Avenue A in the East Village

UPDATED, 1:30 p.m., Nov. 24: 1.) Danny Wrublin’s Dalan Management purchased a portfolio of East Village rental buildings from Lucky Bhalla’s Ascot Properties for $16.8 million. The portfolio consists of four mixed-use buildings at 194-196 Avenue and 503-505 East 12th Street, with El Camion Cantina and Double Wide Bar & Southern Kitchen occupying two of the five commercial units. In total, the four-story buildings hold 15 rental apartments and span 16,336 square feet at the corner of Avenue A and East 12th Street.

2.) Robert Jaffe is the new owner of 71 Clinton Street, a 25-unit, mixed-use building with a troubled past. Jaffe acquired the property for $16.1 million in a bankruptcy auction in June. The seven-story building spans roughly 15,500 square feet on the corner of Clinton and Rivington streets on the Lower East Side, and includes 22 apartments. An electrical fire in 2013 forced out a former commercial tenant. A prior retail tenant left after pipes burst in the building. The property racked up a number of violations for hazardous conditions under the previous owner, Steven Rosenfeld.

3.) Manhattan hotelier Shimmie Horn of the Triumph Hotel Group is taking full ownership of the Washington Jefferson Hotel in Hell’s Kitchen. Horn paid $12.3 million for the remaining stake in 318 West 51st Street, after putting down an initial $11.4 million last year for a 50 percent interest in the hotel. The purchase adds 158 rooms to Triumph’s portfolio of hotels, which includes the four-star Hotel Chandler and the Iroquois. Irene Piscopo Rodgers is the seller.

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4.) New York University’s Langone Medical Center is expanding its presence in a 24-story office building at 240 East 38th Street in Midtown. The school purchased another commercial condominium unit from Verizon for $11 million. In 2012, NYU paid nearly $50 million for 14 condo units in the building. Records show the school has added another 16,776 square feet with its most recent purchase.

(Source: ACRIS data for closed sales between Nov. 16-22, and Reonomy data) 

Correction: A previous version of this post incorrectly identified the buyer of 71 Clinton Street. The buyer is Robert Jaffe.

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Investment Sales