The Real Deal New York

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

HAP expands Chelsea dev site; HUBB NYC buys Tribeca retail condos

February 15, 2016 05:15PM
By Kyna Doles

77 Reade Street in Tribeca, 213 West 28th Street in Chelsea and Eran Polack of HAP

From left: 77 Reade Street in Tribeca, 213 West 28th Street in Chelsea and Eran Polack of HAP

UPDATED, 11:29 a.m., Feb. 15: 1.) HUBB NYC Properties purchased a pair of retail condominium units at 77 Reade Street from Robert Kaliner for $17.8 million, or $1,400 per square foot. The space includes the basement and a ground floor unit totaling 12,600 square feet in the eight-story Tribeca building. Kaliner, in partnership with HP Investors, paid $7.3 million for the two units in 2012.

2.) A 50-unit rental building in the Sunnyside neighborhood of Queens traded hands for $14.7 million. Carlo Coco’s J.C. Management sold the six-story building at 41-29 41st Street to Astoria-based landlord Harry Ottoman of Nocor Management.  The property spans 40,800 square feet between Skillman and 43rd avenues.

3.) HAP Investment Developers snatched up a fourth property along West 28th Street in Chelsea, next door to a 21-story mixed-use project it has planned. The developer paid $13 million for a 17-unit rental building at 213 West 28th Street, in addition to the $50.2 million it shelled out for 215-219 West 28th Street in 2013. New York YIMBY spotted renderings last year for a HAP’s Karim Rashid-designed project, but the Department of Buildings rejected those plans last month. It’s not clear whether 213 West 28th Street will be demolished to make way for HAP’s proposed 134-unit project.

4.) Leslie Lerner’s L.A.L Property Management Corp. acquired a 63-unit rental building in the Bronx for $10.6 million. Located in the Wakefield neighborhood, the 60,200-square-foot building at 655 East 233 Street holds 60 residential units, most of which are rent-stabilized apartments, and three commercial units. The seller, Yuri Desimone, purchased the property for $5.9 million six year ago.

(Source: ACRIS data for closed sales between Feb. 8- 14, and Reonomy data)