The Real Deal New York

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

Stellar, Icon buy a former drug rehab center and Joseph Brunner nabs three W'burg warehouses

September 19, 2016 05:50PM
By Kyna Doles

Jane Goldman, 151 West 48th Street and 78-92 Kingsland Avenue

From left: Jane Goldman, 151 West 48th Street in Midtown and 78-92 Kingsland Avenue in East Williamsburg

1.) A partnership between Stellar Management TRData LogoTINY and Terrence Lowenberg’s Icon Realty Management picked up a the Educational Alliance building, a former drug and alcohol treatment center in the East Village for $14.4 million. The new owners plan to covert the seven-story facility at 371 East 10th Street into a residential building with 22 new apartments, according to plans submitted to the Department of Buildings earlier this month. The nonprofit has run the rehabilitation center since 1993.

2.) In Midtown, Solil Management bought a vacant commercial building at 151 West 48th Street for $13 million from Rockefeller International Group. The building sits next door to a seven-story parking garage at 159 West 48th Street where Extell Development is planning a new Hard Rock Hotel. It’s not clear what Solil’s plans are for the property, but the five-story building offers up to 19,000 buildable square feet of residential space and 22,836 square feet for commercial. Solil recently announced plans for a new ground-up development in Tribeca, a unique departure from the firm’s typical acquisition strategy.

3.) The Baha’is of the United States, currently headquartered in Illinois, bought a office condominium at Meadow Partners’ 866 United Nations Plaza. The religious group paid $12.4 million for the first-floor office space which spans nearly 14,000 square feet. Recent buyers in the new building include Egypt’s Foreign Affairs office, the Government of Monaco and the Military Office of Angola.

4.) Brooklyn investor Joseph Brunner and Abe Mandel’s Bruman Realty scooped up an industrial office and warehouse at 78-92 Kingsland Avenue in Williamsburg for $12.5 million. Epner Technologies, a century-old business that made plating technology for NASA and coated this year’s Oscar awards, occupied the warehouse for over 40 years. The block-long site is three stories and spans 23,000 square feet. It has up to 47,856 buildable square feet available with a community facility component.

5.) Brunner and Mandel also purchased two warehouses at 347 Flushing Avenue and 361 Flushing Avenue in East Williamsburg for $11.2 million.  Color Tex, a textile dye company, was one of the buildings’ occupants. Combined, the buildings hold more than 55,000 buildable square feet. No plans have been filed yet for the site.

(Source: ACRIS data for closed sales between Sept. 12- Sept. 18, and Reonomy data)

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