The Real Deal New York

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

Chetrit and Cornell add to West 34th Street assemblage; A.D. Real Estate buy East Village rental building

January 04, 2016 03:35PM
By Kyna Doles

620 East 6th Street, Joseph Chetrit and 257 West 34th Street

620 East 6th Street in the East Village, Joseph Chetrit and 257 West 34th Street in Chelsea

1.) Joseph Chetrit’s Chetrit Group and Shifra Hager’s Cornell Realty Management purchased one of the final parcels needed to complete an assemblage of retail buildings along West 34th Street in Midtown. The developers acquired 257 West 34th Street from Aldad & Sons Realty for $18.3 million, and plan to redevelop the site at 251-263 West 34th Street as new retail. The four-story building was home to several eating establishments and a nail salon. Last month, Cornell and Chetrit purchased the Wendy’s at 259 West 34th Street and the Bag Man store at 261-263 West 34th Street. The developers paid a combined $61 million for the three adjacent buildings at 251-255 West 34th Street last year, but still need 249 West 34th Street to complete the assemblage. The building at 257 West 34th Street last traded hands in 1995, records show.

2.) Landlord Tim Ziss’ Goldstone Management Corp. sold a 30-unit rental building in Flushing for $17.8 million as part of a Chapter 11 settlement.  Flushing-based entity Hua Yuan Development will take over the seven-story rental building at 136-46 41st Avenue, court records indicate. The building includes 28 apartments and two rental units across 60,800 square feet.

3.) A.D. Real Estate Investors nabbed a six-story rental building at 620 East 6th Street for $11.3 million from Marolda Properties. Beer hall Against the Grain and its sister wine bar, Grape and Grain, occupy the building’s ground floor. The upper floors of the 13,500-square-foot building are home to 22 residential units. Marolda last sold a three-building package of rental buildings on the Lower East Side for $2.4.4 million.

(Source: ACRIS data for closed sales between Dec. 28- Jan. 3, and Reonomy data)

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