The Real Deal New York

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

A Slate resi project in Ridgewood sells for $19M; Two Trees buys Williamsburg dev site for $16M

May 02, 2016 03:45PM
By Kyna Doles

Rendering of 873 Starr Street, David Schwartz and 350 East 88th Street

From left: Rendering of 873 Starr Street in Ridgewood, David Schwartz of Slate Property Group and 350 East 88th Street on the Upper East Side

1.) Boyce Technologies, a telecommunications firm that designs and manufacturers equipment for the MTA, purchased a 57,000-square-foot warehouse in Long Island City for $18.5 million. The property, located at 47-22 Pearson Place, will likely serve as a manufacturing space for Charles Boyce’s company, which is headquartered in the Financial District. Boyce also inked a lease with the the New York City Industrial Development Agency for the space, and will replace scenery shop Showman Fabricators. The one-story building spans about half a block between Davis Court and 27th Street.

2.) Eric Moran’s RD Management acquired a development site at 176 Woodward Avenue, also known as 1873 Starr Street, for $18.5 million from longtime owner Frank Curtin. Slate Property Group was granted a rezoning for the Ridgewood site last year and plans to transform the former junkyard into 88 new apartments and a community space for local artists. The developer also agreed to rent half of the units at below market-level rates, according to New York YIMBY. Curtin denied rumors last year that he was trying to sell the site, and claimed he was only working to co-develop it with Slate, the Queens Ledger reported. RD Management owns and manages retail properties throughout the U.S., including 20 North 5th Street in Williamsburg.
 
3.) A car wash on the corner of West 151st Street and Seventh Avenue in Harlem sold for $16 million through a bankruptcy auction. Jung Hsiang Hawng acquired the property from Donald Conway, and will have nearly 70,000 buildable square feet to develop a new residential building on the site, or a 130,000-square-foot community facility. Wang operates the Flushing condominium developer Gleam Realty.
4.) Two Trees Management paid $15.7 million for a vacant development site in South Williamsburg, known as 67 Meserole Street. The block-through assemblage consists of five lots along Scholes and Meserole streets, and holds 44,000 buildable square feet, or up to 96,000 buildable square feet with quality housing. The New York Telephone Company, which later became Verizon through several mergers, purchased the site in 1970. Walentas has not revealed his plans yet for the site.
 
5.) The nonprofit Rheinelander Children’s Center is moving out of a four-story mansion on the Upper East Side. Tutoring service Advantage Testing purchased 350 East 88th Street for $15 million from the Children’s Aid Society, which operates the children’s education center. The townhouse spans 15,000 square feet, includes a passenger elevator, two outdoor terraces and three separate entrances. 
 
6.) Private equity firm RWN Real Estate Partners and Ultimate Realty bought a mixed-use building at 348 West 14th Street for $13.8 million. The 9,800-square-foot building houses a single apartment and four commercial units, including the electronic music production school, Dubspot. RWN owns an office building at 135 Bowery, the ground lease on a residential building at 230 East 44th Street and a 146-unit portfolio in Kips Bay.
 
7.) Brothers Ralph and David Sitt’s Status Capital acquired an eight-unit multifamily building at 24 Prince Street in Nolita for $13.8 million. The building sits a block from a row of retail condominiums brothers Ralph and David own at 8-14 Prince Street. Status, which is a separate venture from the family-run Sitt Asset Management, owns more than a dozen multifamily and retail properties throughout Manhattan, including the retail component of 1055 Madison Avenue and 138 Spring Street.

(Source: ACRIS data for closed sales between April 25-May 1, and Reonomy data)
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