The Real Deal New York

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

Middle Village retail strip and a full-floor office condo at Delmonico Plaza trade hands

October 10, 2016 03:35PM
By Kyna Doles

114 West 78th Street, Matt Bronfman and 189 Schermerhorn Street

From left: 414-416 East 78th Street on the Upper East Side, Jamestown’s Matt Bronfman and 189 Schermerhorn Street in Brooklyn

1.) Queens landlord Fazlur Khan purchased a commercial strip at 62-06 Woodhaven Boulevard in Middle Village for $19 million, or $987 per square foot. The single-story building spans 19,285 square feet and is home to 15 retail tenants who brought in more than $1 million in gross revenue last year to the prior owner, Denis Rodger’s United Properties Corp. Khan owns nearly a dozen other commercial and residential properties throughout Astoria, Elmhurst and Long Island City.

2.) Samson Klugman’s Quality Capital paid $12.5 million for a trio of retail units at the base of Jamestown Properties’ Downtown Brooklyn condominium building. The units encompass 14,683 square feet of commercial space at 189 Schermerhorn Street, a 249-unit mixed-use building built in 2007. Brooklyn Friends School and the nonprofit Junior Achievement collectively lease about 10,250 square feet of the commercial space.

3.) In Midtown, a three-unit commercial building at 14 East 44th Street traded hands for $11.9 million, or $1,030 per square foot. Amir Yomtobian acquired the five-story building from Byung Il Park, who paid $7.2 million for the property in 2012. Retail tenant Bread & Butter occupies the ground floor while the remainder of the building is used for office space.

4.) A full-floor condominium unit at Delmonico Plaza, a 24-story office building on the Upper East Side, sold for $11.6 million. The 12th-floor office at 55 East 59th Street is one of four units the seller, an entity listed as MIP 55 East 59th Street LLC, acquired for $18.1 million five years ago. Raya Kofman is listed as the buyer.

5.) On the Upper East Side, investor Gregory Georgiou picked up a pair of rental buildings at 414-416 East 78th Street for $11.2 million. The contiguous four-story buildings span a combined 13,000 square feet and hold 32 apartments, half of which are rent-stabilized. Bela Bako acquired the two buildings for $8 million in 2012.

(Source: ACRIS data for closed sales between Oct. 3-9, and Reonomy data)