The Real Deal New York

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

Coney Island’s Shore Theatre sells for $14M; Rick's Cabaret buys own club for $10M

February 01, 2016 02:35PM
By Kyna Doles

1301 Surf Avenue, 50 West 33rd Street and Rick's Cabaret CEO Eric Langan

From left: 1301 Surf Avenue, 50 West 33rd Street and Rick’s Cabaret CEO Eric Langan

1.) An unidentified buyer scooped up an Upper East Side parking garage at 124-126 East 63rd Street for $16.3 million. The four-story garage sits directly in the path of the planned Second Avenue subway line, and the city recently took control of the upper floors from former owner Judith Hahn to make way for the MTA’s 63rd Street station.

2.) The Shore Theater’s longtime owner is finally parting ways with the landmarked Coney Island property. Investor Pytor Yadgarov purchased the historic building for $14 million from the Bullard family, which has owned it since the late 1970s. Jasmine Bullard inherited the seven-story building, along with a portfolio of Coney Island properties from her father, real estate investor Horace Bullard, after he passed away in 2013. The family first listed the portfolio, including the theatre at 1301 Surf Avenue for $102 million in 2012, but Bullard soon took the property off the market. Yadgarov has not submitted any plans to redevelop the property, but he would have more than 115,000 buildable square feet of space to work with.

3.) John Petras and George Michelis’ RockFarmer Capital bought a 10,000-square-foot strip mall in Astoria for $12.1 million from Ditmars Real Estate Consultants. The shopping center at 21-19 31st Street is home to several discount stores, a restaurant and a laundromat, but RockFarmer will likely be redeveloping the property. A new residential building or community facility could be built up to 33,000 square feet, while a purely commercial building could be double its current size.

4.) The owner of Rick’s Cabaret closed on a deal to buy its Midtown club for $10 million. The gentleman’s club inked a deal with the developer ELO Organization in 2013 to buy 39,000 square feet of air rights above the building at 50 West 33rd Street for $13 million, and was also given the option to take total control of the property by 2018.

(Source: ACRIS data for closed sales between Jan. 18- 24, and Reonomy data)

 

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