A growing number of investors are opting for so-called 1031 exchanges, in the wake of tax code changes that have increased the hit on selling real estate. But with more sellers exchanging higher and higher priced properties, some experts say the investment sales market is getting artificially inflated. [more]
Posts Tagged ‘david schechtman’
Two Soho retail properties — a condominium at 121 Greene Street and a co-op at 349 West Broadway — will hit the market today asking $35 million, The Real Deal has learned. The Greene Street building, between Prince and Houston streets, houses trendy eyewear purveyor Warby Parker’s first brick-and-mortar store, which opened last week. [more]
The nearly 12,000-square-foot commercial condominium at 380 Columbus Avenue is being put on the market for the first time since the building was constructed in 1900, The Real Deal has learned.
A team of brokers at Eastern Consolidated, led by Executive Managing Director David Schechtman, has been retained to sell the space with an asking price of $23.5 million. [more]
A development site with “extremely permissive zoning” has hit the market in the Willets Point area of Queens, listing broker David Schechtman of Eastern Consolidated confirmed to The Real Deal today. The site, which boasts about 350,000 buildable square feet and is just down the road from Citi Field, is asking $21 million, according to documents obtained by TRD. [more]
Alfa Development is in contract to buy a development site in Chelsea for $12 million, pending the approval of bankruptcy court, Crain’s reported. The site is located at 117-119 West 21st Street, between Sixth and Seventh avenues, and used to be a Hershey factory.
Alfa is now in a “stalking horse” contract to close on the nearly 19,000-square-foot property in an all-cash deal, though a better offer could come at an early November auction sale. As it currently stands, the property is a vacant four-story warehouse and Alfa entered contract in early September. [more]
The longtime owners of the Chatsworth, an Upper West Side rental building that dates back to the late 1800s, have put the property on the market. The Wall Street Journal reported the sale could net the grandchildren of Lenore Dean, whose family has owned the building for 67 years, more than $150 million.
The 139-unit apartment building, at 344 West 72nd Street on the corner of Riverside Drive, is about 50 percent rent-stabilized. One-bedrooms rent for an average of approximately $1,600 per month, $1,000 less than the Upper West Side average for such units. [more]
A prime Chelsea development site has hit the market with Eastern Consolidated’s David Schechtman, Alan Miller and Paul Nigido, but only after a listing skirmish that pitted two of the city’s most active investment sales brokerages against one another.
The parcel, currently home to a four-story gallery, is being sold out of bankruptcy with an asking price of $15.5 million. But the unsecured lenders for the site, at 117-119 West 21st Street, opposed Eastern Consolidated’s representation of the seller, the Arc Building LP, court documents show. [more]
A Swedish bank that holds dozens of former Lehman Brothers Holdings notes has retained commercial brokerage Eastern Consolidated to market the defaulted mortgage on a prospective Brooklyn development site owned by developer Alexander Gurevich, Eastern broker David Schectman, who is handling the listing, confirmed to The Real Deal today. [more]
The sale of distressed property notes, especially in the under the $10 million range in New York City, have seen an uptick recently, Crain’s reported. David Schechtman, a broker with Eastern Consolidated, said he has been selling about two notes a week since the beginning of the year, and thinks the increased interest is because investors are less skittish now. He also said he expects “more notes to pour onto the market,” according to Crain’s. [more]
A 27,750-square-foot mixed-use retail and residential property in Soho tenanted by retailers Nike, Sportswear USA and sportswear retailer Surface to Air, has changed hands in a transaction valued at $18 million, David Schechtman, executive managing director at Eastern Consolidated, told The Real Deal today. [more]
The 3.6-acre waterfront plot near Citi Field in Queens that was reported to be in default by The Real Deal is guaranteed by 75 co-op units in Midtown Manhattan.
According to the New York Daily News, lender U.S. Bank is seeking the highest bid for the mortgage it provided to Abs Flushing Development for the site, at 39-08 Janet Place. The new owner will also take control of the co-ops at 310 East 55th Street. [more]
In a strange twist, a Queens development site comes with a free gift — 75 sponsor units in a Manhattan residential co-op, Crain’s reported.
The buyer of the defaulted loan for a 3.7-acre development site in Flushing, Queens, near Citi Field, will also get 75 apartments at 310 East 55th Street, because the apartments were used as collateral for the loan. U.S. Bank National Association made the loan to ABS Flushing Development in 2006, Crain’s said. Crain’s didn’t know the size or value of the apartments at press time. [more]
Helen Hwang, an executive vice president at Cushman & Wakefield, Aaron Jungreis, president at Rosewood Realty Group, James Nelson, a partner at Massey Knakal Realty Services, David Schechtman, senior director at Eastern Consolidated
Compiled by Adam Pincus
Brokers broadly expect next year to be an improvement over 2011 in New York City’s investment sales market, although concerns about the global economy and financial services layoffs create uncertainty, and that puts a drag on activity. This year, total investment sales are expected to end up at about $25 billion, far ahead of the $14.5 billion in 2010. The Real Deal talked to a series of brokers about what they expect for the new year. … [more]
A free-standing retail building near Columbia University’s developing Manhattanville campus has hit the market for $11 million, according to Eastern Consolidated, which is the exclusive listing agent for the property.
The 18,200-square-foot, rectangular building at 701 West 135th Street currently yields more than $400,000 in annual income from current leases, according to the listing, with one retail suite still vacant. Alternatively, the two in-place leases each contain terms to provide for vacant delivery by summer 2012.
“It’s an absolutely phenomenal opportunity to reposition a 20,000-square-foot building in a proven retail strip,” said Marion Jones, a director at Eastern, who shares the listing with colleague David Schechtman. – Katherine Clarke … [more]
The developer of a high-end, 9-unit building on the Upper West Side has abandoned plans to sell the units individually as condominiums and instead is offering to sell the entire property in one transaction, with an asking price of $22.8 million.
Brooklyn-based Manor Properties Group constructed the new, 10-story building at 208 West 96th Street, between Broadway and Amsterdam Avenue, and was given its certificate of occupancy in April.
But attempts by Halstead Property Development Marketing to sell the units as condominiums with prices according to Streeteasy.com of about $2.3 million each, failed. Then Manor Properties tried renting the apartments, which are all full-floor, three-bedroom units. … [more]
From left: Siraj Dadabhoy, principal of Aion, David Schectman, principal at Eastern Consolidated, 57-63 Greene Street and 21-25 Mercer Street
New York real estate investment fund Aion Partners is marketing two Soho retail condominiums in an effort to capitalize on demand for these types of properties in key locations, Crain’s reported.
The company has listed a 13,700-square-foot condo at 57-63 Greene Street and another at 21-25 Mercer Street, the latter which includes a residential condo unit and three stores. Tenants at the first property include Bang & Olufsen, Cyrus Co. and Raul Carrasco and at the second, Nike, Toto and Surface to Air.
“The tenants are paying at least 40 percent below current rents so there is a great opportunity for upside,” said David Schechtman, a principal at Eastern Consolidated, who is handling the sales. “But you also have solid cash flow.” The asking prices for the properties are $19 million and $20 million, respectively. … [more]
From left: David Schechtman, senior director of Eastern Consolidated’s Turnaround and Distressed Group, Christopher Okada, CEO of Okada & Company, and Adelaide Polsinelli, associate vice president of investments at Marcus & Millichap
Midtown West is quickly becoming a hub of commercial activity, brokers say, in anticipation of the Related Companies’ Hudson Yards development and thanks to new zoning regulations. “Eastern Consolidated, and I personally, have done a tremendous amount of work there,” said David Schechtman, senior director of Eastern Consolidated’s Turnaround and Distressed Group. “There’s a renewed interest in the neighborhood. It’s south of the already established Hell’s Kitchen and the gateway to Hudson Yards. There are big old buildings there that are ready to be repositioned — old, raw material that could be reshaped.”
As The Real Deal previously reported, Midtown West office building sales rose by more than 100 percent year-over-year in 2011, to $5.7 billion from $1.8 billion in 2010, according to Eastern Consolidated’s recent MetroGrid Report for Midtown West, released last week, which defines Midtown West as the area that extends from 30th to 59th streets, and Fifth Avenue to the Hudson River. … [more]
Massey Knakal brokers from top: John Ciraulo, vice chairman of Massey Knakal; Craig Waggner, director of sales; Jonathan Hageman, sales team manager; and view of 846-850 Sixth Avenue and 1227 Broadway facing eastA 12,260-square-foot lot near Herald Square hit the market with an asking price of $42.75 million, according to Massey Knakal Realty Services, which is exclusively marketing the property.
The triangle-shaped lot, a combination of a four-story commercial building at 1227 Broadway and a parking lot and one-story building at 846-850 Sixth Avenue, comprises the entire nearly 290-foot-long south side of 30th Street between Broadway and Sixth Avenue, along with more than 68 feet of frontage along Sixth Avenue and more than 15 feet of frontage along Broadway.
About 5,060 square feet of the eastern portion of the lot lies in a zoning district that allows for an office, hotel, manufacturing or community facility use with a floor area ratio of 10, according to the listing. … [more]
West 37th Street Partners LLC, a joint venture between the Albanese Organization and the Buccini/Polin Group, closed on its purchase of a Midtown parking lot at 312-318 West 37th Street for $20.8 million, according to records filed with the city yesterday. This is Buccini/Polin’s first foray into the New York City real estate market.
The transaction, which closed Aug. 11, is slated to result in the construction of a brand new 300-room Garment District hotel between Eighth and Ninth avenues. Construction could start before the end of the year, sources told the Wall Street Journal recently though neither Albanese nor Buccini/Polin were immediately available for comment. -- Katherine Clarke … [more]
Manhattan-based real estate owner Robert Gilardian won a 16-story Upper West Side apartment building tied up in an epic decade-long dispute, with a $20.1 million bid made in a bankruptcy auction in Los Angeles yesterday afternoon.
Gilardian offered the highest price for 114 West 86th Street, beating out three other approved bidders who participated in the live auction in U.S. Bankruptcy Court in Los Angeles, said Lipa Lieberman, a director at Eastern Consolidated, who was present at the sale.
The property sold for a gross rent multiple of about 20, and a price per square foot of about $400, Lieberman said. He said interest had been high since the news broke of the auction on The Real Deal website.