The Real Deal New York

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

Caspi buys a Tribeca commercial property; TF Cornerstone nabs Gap, FedEx buildings in Astoria

October 24, 2016 04:19PM
By Kyna Doles

79 Walker Street in Tribeca, Joshua Caspi and rendering of Compass Residences in the Bronx

From left: 79 Walker Street in Tribeca, Joshua Caspi and rendering of Compass Residences in the Bronx

1.) Westchester-based developer Caspi Development and RWN Real Estate Partners scooped up a Tribeca art gallery for $19 million from a group of investors. The building is located at 79 Walker Street, on the corner of Cortland Avenue. It’s six stories with two commercial units totaling 21,582 square feet. Elsewhere in the neighborhood, Caspi, in partnership with Western Heritable Investment Company and Barone Management, is planning a 100-key hotel at 456 Greenwich Street.

2.) Harold Schertz’s SRI LLC paid $17 million for a 30-unit multifamily building at 354 Cathedral Parkway on the Upper West Side. SRI also owns four office condominiums at 525 Park Avenue on the Upper East Side, which it acquired for $26 million last year. The asset management company’s latest buy is for a six-story building spanning 20,412 square feet. Orbach Group bought the building for $7 million in 2012.

3.) In Elmhurst, RockFarmer Properties purchased a rental building at 90-31 Whitney Avenue for $17 million, or $253 per square foot. The six-story elevator building holds 60 apartments — all rent-stabilized units — totaling 67,200 square feet. Astoria-based landlord Chris Partridge owned the property since 1975, and recently sold a 55-unit multifamily building at 47-46 40th Street in Sunnyside for $15 million.

4.) A Comfort Inn on the Lower East Side sold for $15.5 million. Nader Ohebshalom’s Gatsby Enterprises bought the 13,000-square-foot hotel at 136 Ludlow Street from Ashok Kumar. Ohebshalom already has a hotel project in the works at 163 Orchard Street.

5.) Developer TF Cornerstone paid $13.6 million for a pair of adjacent retail buildings at 31-46 Steinway Street and 31-48 Steinway Street in Astoria, as Real Estate Weekly first reported the Gap occupies the ground floor of the three-story building at 31-48 Steinway Street, and four apartments are located on the upper floors of the building. Next door at 31-46 Steinway Street, FedEx Office takes up the full two-story building. Richard Scharf’s Abro Management acquired the two properties for a combined $12 million in 2014.

6.) HUBB NYC Properties bought an eight-story mixed-use building at 153 East 26th Street for $11.8 million from A.D. Real Estate Investors. A Thai restaurant occupies the 1,650-square-foot retail space on the ground floor. Fourteen apartments are located on the floors above it. The building last traded for $3 million in 2003.

7.) The site of a proposed affordable housing building at 1562 Boone Avenue in the Bronx sold for $10.1 million. The Samaritan Foundation, in partnership with the nonprofit the Housing Development Fund, bought the 164-unit building from developer Signature Urban Properties. The proposed building is one of 10 known as the Compass Residences in Crotona Park East. Right now, the site is vacant.

(Source: ACRIS data for closed sales between Oct. 17-23, and Reonomy data)

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Manhattan Investment Sales – November 1st 2015 to October 1st 2016 – 350+ transactions – $100
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