The Real Deal New York

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

L3 Capital buys a development site off Bowery; Cayguya closes on Punch Bowl Social’s future Bushwick site

March 28, 2016 02:50PM
By Kyna Doles

Jamie Wiseman, 199 Starr Street and 216 Bowery

From left: Cayuga Capital Management co-founder Jamie Wiseman, 199 Starr Street in Bushwick and 216 Bowery in Nolita

1.) A three-unit commercial building at 136 Lawrence Street in Downtown Brooklyn sold for $15 million, or $1,800 per square foot, to an unidentified buyer who controls the entity 136 Lawrence LLC. The building was hit with several violations in 2014 for serving as an illegal bed and breakfast under the previous ownership of Joseph and Jerome Spitzer, and the operators seized renting out the upper floors for short-term rentals. A bagel shop occupies the ground floor of the three-story building.

2.) Min Su Choi’s Kevin Realty Inc. bought a two-story mixed-use building at 159-01 Northern Boulevard in Murray Hill for $13.8 million. The 21,400-square-foot building has retail on the ground floor and a mix of apartments and office space on the second level. Kairjan Realty Corp., led by Peter and John Verouhis, have owned the property since 1977.

3.) Chicago-based real estate investment firm L3 Capital acquired a development site at 216 Bowery from longtime owner Robert Balter for $13 million, or $2,650 per square foot. The three-story building sits between Prince and Spring streets in Nolita. While no plans have been announced yet for the property, Eastern Consolidated marketed the vacant building as a chance for a new developer to take advantage of its 15,000 buildable square feet.

4.) Following the recent death of ABC Home Furnishings chairman Jerome Weinrib, the Weinrib family sold a three-unit commercial building at 386 Third Avenue for $12 million to a pair listed as Kemal Peker and Ahmey Yildizel. Restaurant Turkish Kitchen occupies the first floor of the three-story building and two unspecified commercial units take up the top two floors.

5.) Cayuga Capital Management closed on a deal to buy a pair of Bushwick warehouses for $10.5 million. The Williamsburg-based firm announced in December it was leasing the 20,000-square-foot connected warehouses at 199 Starr and 350 Troutman streets to the the restaurant and bowling venue, Punch Bowl Social. Master Equities, which operates a manufacturing company in the neighborhood, is the seller. Punch Bowl plans to add an additional 10,000-square-foot rooftop deck to the property and will open in Fall 2017.

(Source: ACRIS data for closed sales between March 21-27, and Reonomy data)