The Real Deal New York

Hampshire Properties buys adjacent UWS buildings for $38M

Mixed-use buildings hold a total of 54K buildable sf

May 25, 2016 05:15PM
By Rey Mashayekhi

2461 Broadway in the Upper West Side

2461 Broadway on the Upper West Side

UPDATED, 5:00 p.m., May 26: Hampshire Properties picked up an Upper West Side rental building and an adjacent commercial building for a combined $37.6 million, according to city property records filed Wednesday.

The Midwood-based family-run real estate investment firm, led by Tomas and Daniel Rosenthal, closed on the properties at the corner of West 91st Street and Broadway on May 10.

The firm acquired 2461 Broadway – a six-story elevator building holding 12 apartments and two retail units occupied by a laundromat and a Bank of America branch – for $22 million, and also bought an adjacent two-story retail-and-office building at 2463 Broadway, occupied by a law firm and bakery-restaurant Le Pain Quotidien, for nearly $15.6 million, according to property records.

In addition to spanning more than 18,000 square feet and possessing more than 50 feet of Broadway frontage combined, the properties hold nearly 54,000 buildable square feet in total and are eligible for an additional 10,700 square feet of inclusionary bonus rights, according to a Cushman & Wakefield release announcing the deal.

HampshireTRData LogoTINY “will continue to run the buildings as rentals” while also “realizing the long-term value of the excess air rights,” Cushman & Wakefield’s Clint Olsen, who represented the seller alongside colleagues Hall Oster and Teddy Galligan, said in a statement.

The seller, Houston, Tex.-based investor David Gorfil, has owned 2461 Broadway since the early 1980s, and 2463 Broadway since 2011, records show.

Hampshire Properties did not return requests for comment, while Gorfil’s lawyer declined to speak.

Among Hampshire’s projects is an eight-story, 277,000-square-foot rental development at 1277 East 14th Street in Midwood.

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