The Real Deal New York

The adoption agency acquired two floors of a four-story community facility for $10 million, or $500 per square foot. The other two floors are occupied by The Gillen-Brewer School. Spence-Chapin expected approval for a city-issued $9.8 million bond to purchase the space. The building is part of a development by Madison Equities that includes a new Courtyard by Marriott hotel and a new apartment building, First Avenue Towers.

The firms acquired the parcel for $9.5 million. The land, which is a block-through property bounded by President and Carroll streets, is currently home to a 96,000-square-foot light manufacturing facility. The partners have previously collaborated on condominium development projects are likely to utilize their latest acquisition for a similar project. Signature Bank provided the financing.

The one-story property, which is subdivided into five commercial units and zoned for 22,800 square feet of air rights, sold for $8 million, which represents a capitalization rate of 5.1 percent, a per square foot price of $842, and a gross rent multiple of 15.1.

The walk-up building sold for $6.1 million. The new owner plans to renovate the buildings to increase revenue. Half the units are two-bedrooms and half are three-bedrooms; three were vacant at the time of sale.

The 153-foot wide apartment building, which also includes four medical units, sold for $5.3 million, which represents a capitalization rate of 6.9 percent, a per square foot price of $73.10, and a gross rent multiple of 7.8.

The property, which contains 18 rent-regulated apartments and two stores, sold for $4.6 million, which equates to a capitalization rate of 4.5 percent, a per square foot price of $469.23, and a gross rent multiple of 13.7. The building is zoned for an additional 14,750 square feet of air rights.

The 24-foot-wide building, which contains five residential units and two commercial units, sold for $4.2 million, which represents a capitalization rate of 4.7 percent, a per square foot price of $548.68, and a gross rent multiple of 18.03. The building was most recently sold in December 2005 for $3.5 million, or $464.82 per square foot. The new owner may occupy part of the property.

The single-story warehouse sold for $3 million, or $150 per square foot.

The property sold for $3 million, which represents a capitalization rate of 5.3 percent, a per square foot price of $181.16, and a gross rent multiple of 19. The building has a full basement and 16,650 square feet of above-grade space on the first, second, and third floors. Blockbuster has a lease for the first floor through 2011.

The vacant office building sold for $3.4 million, which equates to a per square foot price of $134.83. The purchaser intends to redevelop the property into high-end condominiums.