The Real Deal New York

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

Taconic, partners on an Essex Crossing development site; Sam Chang sells a Midtown building

December 07, 2015 03:30PM
By Kyna Doles

Charlie Bendit of Taconic, rendering of Essex Crossing and 227 West 36th Street

From left: Charlie Bendit of Taconic, rendering of Essex Crossing and 227 West 36th Street

1.) Delancey Street Associates, which comprises of Taconic Investment Partners, L+M Development Partners and BFC Partners, closed on a deal to buy 242 Broome Street from the City of New York for $15.8 million. Construction is already underway on the 14-story, mixed-use building, and Delancey has secured a $95 million construction loan from Goldman Sachs for the project. Once complete, the SHoP Architects-designed building will include 55 condominiums, the Splitsville Lanes bowling alley and a cultural facility. The building will rise between Ludlow and Essex Streets, and is part of a larger plan for Essex Crossing that will include nearly 2 million square feet of new residential, commercial and community space.

2.) A six-story office building at 74 Broad Street in the Financial District sold for $14.3 million. The buyer is investor Daniel Ridloff, vice president of SDG Investment Fund. Financial brokerage Oscar Gruss & Son Inc. acquired the 21,200-square-foot building in 1978, according to property records. The property sits adjacent to the 32-story office tower at 2 Broadway.

3.) Sam Chang’s McSam Hotel Group sold a development site at 337 West 36th Street for $10 million to another Great Neck-based developer, Kozani Inc. In September 2014, Chang filed permit applications for a new 23-story, 89-key hotel to replace a low-rise industrial building, but the Department of Buildings rejected those plans last month. The three new owners have not submitted any new filings or revised plans for the project.

(Source: ACRIS data for closed sales between Nov. 30- Dec.6, and Reonomy data)