The Real Deal New York

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

Black Spruce buys a Clinton Hill rental building; Nexus closes on 260 Bowery

December 21, 2015 03:20PM
By Kyna Doles

Rendering of 260 Bowery in Nolita, Dutch artist Piet Mondrian and 175 Spencer Street in Clinton Hill

From left: Rendering of 260 Bowery in Nolita, Dutch artist Piet Mondrian and 175 Spencer Street in Clinton Hill

1.) Pistilli Realty Group is adding a third Bronx rental building to its holdings. The Astoria-based landlord, which owns at least 49 properties throughout New York City, purchased a 142-unit multifamily building at 336 East 188th Street from Prana Investments for $20 million. At six stories and 133,000 square feet, the building spans an entire block between Elm Place and Marion Avenue. The building includes 136 apartments and six commercial units.

2.) Shimmie Horn’s Triumph Hotel Group put down $17.8 million to purchase the remaining stake in the Iroquois Hotel. The hotelier acquired partial interest in the 12-story hotel at 47 West 44th Street last year, and spent nearly $35 million on the property in total. Triumph recently took full ownership of the Washington Jefferson Hotel from the same seller, Irene Piscopo Rodgers.

3.) Marolda Properties sold a pair of Midtown rental buildings at 409-411 West 48th Street for $16.8 million. Flushing-based Kuo Chiang Chang is listed as the buyer. The identical buildings, located between Ninth and 10th avenues, hold a combined 40 apartments across 20,400 square feet.

4.) Joshua Gotlib’s Black Spruce Management purchased a colorful Clinton Hill rental building for $16.4 million, or roughly $468,000 per unit. Waterton Associates developed 175 Spencer Street into a 35-unit residential building, after acquiring the corner lot for $2 million in 2005. The building’s exterior color-block design was allegedly inspired by Dutch artist Piet Mondrian. Units in the six-story building start at $2,600 for a one-bedroom apartment.

5.) In the Midwood section of Brooklyn, two rental buildings at 1436-1438 Ocean Avenue sold for a combined $11 million. Flushing-based Prasad Realty Group purchased the four-story buildings from Benedict Realty Group. The properties include a 50-unit multifamily building totaling 54,800 square feet and an adjacent four-unit building spanning just under 4,000 square feet.

6.) Nexus Development closed on a deal to buy a development site at 260 Bowery for $10 million from Lyco Investments Corp. The developer is planning to build an eight-story mixed-use building, adjacent to the luxury condominiums at 250 Bowery, according to Bowery Boogie. Morris Adjmi Architects is designing the six-unit building, and construction on the building is expected to finish by 2018.

(Source: ACRIS data for closed sales between Dec. 14-20, and Reonomy data)