The Real Deal New York

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

Soho mixed-use building fetches $15M; West Village site damaged in Sandy sells for $13M

November 21, 2016 04:22PM
By Kyna Doles

629 East Fifth Street, Robert Morgenstern and 316 East 91st Street

From left: 629 East 5th Street in the East Village, Robert Morgenstern and 316 East 91st Street on the Upper East Side

1.) A group led by Robert Morgenstern, founder of Morgenstern Capital and formerly of Stone Street Properties, purchased a 24-unit rental building at 629 East 5th Street for $16.2 million. The building’s seller, Luthien Group, attempted to sell the property as early as 2014 for $12.5 million. Luthien has owned the six-story East Village building since 1999. All of the units are market-rate and total gross revenue is close to $650,000 annually.

2.) A mixed-use building adjacent to the Spring Street subway station in Soho sold for $14.5 million. The Laboz family’s United American Land scooped up 65 Spring Street, a five-story walk-up with eight apartments and two commercial units. Jeweler Tierra occupies 1,300 square feet on the ground floor of the building and rents in the building average $5,000 per month for a one-bedroom apartment, according to StreetEasy. Ellsy Losada, who operates the entity ELDCD Development LLC, purchased the building in 1982. HPNY was involved in the deal, sources said.

3.) A vacant lot at 401 West Street in the West Village now has a chance for redevelopment following the demolition of a three-story building  that was damaged on the site in Hurricane Sandy. Athina Kyriacou acquired the property for $12.8 million from former owner Shalom Azani, who blamed the building’s damage developer Witkoff Group for allegedly failing to secure construction barriers at 150 Charles Street, and exposing 401 West Street to flooding, according to Curbed. The building, which offers up to 15,048 buildable square feet, was one of the first to be knocked down after the historic storm. No new building plans for the site have been filed yet. HPNY also was involved in the deal, sources said.

4.) A partnership between RiverOak Investment Corp. and Azimuth Development up the Promise Theater at 316 East 91st Street from the Full Gospel New York Church Assemblies of God for $11.1 million. Several weeks after closing on the deal, the group of developers submitted plans with the Department of Buildings for a new 17-unit mixed-use project to replace the the two-story commercial building, as Crain’s first reported. The new building will span 26,808 square feet and include a daycare set to be occupied by Sunshine Early Learning Center. Women In Need, a non-profit that provides supportive housing for women and children, will lease the apartments.

(Source: ACRIS data for closed sales between Nov. 14-20, and Reonomy data)

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