The Real Deal New York

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

RedSky's DoBro assemblage expands; F&T Group nabs a waterfront site in College Point

October 03, 2016 02:25PM
By Kyna Doles

Tax map of 555 Fulton Street in Downtown Brooklyn, 14-34 110th Street in College Point and Sam Chang

From left: Tax map of 555 Fulton Street in Downtown Brooklyn, 14-34 110th Street in College Point and Sam Chang

1.) Sam Chang’s TRData LogoTINY McSam Hotel Group is taking over a mixed-use building in the College Point neighborhood. The Great Neck-based developer purchased the Waterview Marina Condominiums at 14-34 110th Street in Queens for $16 million. The purchase includes 32 of 34 residential units plus the building’s commercial space. Landlord Manouchehr Malekan purchased the units from the building’s sponsor in 2012 for $10.1 million. One of the residential units sold for $655,000 in 2007 and a second unit sold for $505,000 a year later.

2.) A partnership between Ruby Schron’s Cammeby’s International and Renaissance Realty Group sold a Sheepshead Bay office building at 2701 Emmons Avenue to landlord Elliot Meisenberg for $12 million. The single-story building totals 41,000 square feet and is currently configured for one commercial tenant. It’s not clear what new development plans Meisenberg has for the building and he has not yet filed permit applications with the city for the site. Cammeby’s paid $8.3 million for the building in 2003. The Commercial Observer first reported on the deal.

3.) Elsewhere in College Point, developer F&T Group nabbed a waterfront development site at 25-32 and 35-50 College Point Boulevard for $11.8 million. Between the two properties, the site holds up to 92,460 buildable square feet and is zoned for commercial and manufacturing. The seller, Youngwoo & Associates, broke even on the sale after paying the same price for the property in 2008.

4.) A five-unit townhouse in Soho sold for $10.3 million. The four-story building at 41 King Street was built in 1866 and spans 6,000 square feet. The buyer is a Miami-based family and the seller, Louis DiLauro, purchased the building for $3.3 million in 2004. A one-bedroom apartment in the building was recently listed at $5,850, according to StreetEasy.

5.) RedSky Capital has picked up another piece of a massive assemblage on a triangular-shaped site in Downtown Brooklyn. The developer paid $10 million for 555 Fulton Street, a three-story commercial building totaling nearly 5,000 square feet. It’s one of a dozen parcels RedSky now owns on the site since it started assembling the properties in 2012. Crown Acquisitions and Lloyd Goldman’s BLDG Management bought 555 Fulton Street along with eight other Brooklyn buildings for $23.5 million in 2004.

(Source: ACRIS data for closed sales between Sept. 26-Oct. 2, and Reonomy data)