Commercial Sales |
Retail Leases |
Office Leases
Please submit deals to: deals@therealdeal.com
Please submit deals to: deals@therealdeal.com
| Address | Size Info | Buyer | Representative | Seller | Representative | Price | Notes | Issue |
|---|---|---|---|---|---|---|---|---|
| 761-763 Humboldt St (Brooklyn) map | 2-story, 7,984 sf warehouse | Kentucky user | Warren Baymond, DY Realty | n/a | M. Lively, P. Kean, Massey Knakal | $2.3M | The industrial property sold for $2.3 million, or $229 per square foot. | September 2008 |
| 6834 Forest Ave (Queens) map | 6,672 sf mixed-use bldg | Kei Kei Enterprise | Ami Efrati, Itzhaki Properties | Beth Page Realty | Ohad Meishar, Itzhaki Properties | $1.75M | The property sold for $1.75 million. The price represents a capitalization rate of 6.7 percent and a gross rent multiple of 11.6. The building has four stores and five apartments; the commercial tenants have two to five years remaining on their leases. | September 2008 |
| 145 North 7th St (Brooklyn) map | 6,500 sf apt. bldg, 10 units total | Pennsylvania user | n/a | n/a | Mark Lively, Massey Knakal | $1.75M | The property sold for $1.75 million, or $269 per square foot. The price represents a capitalization rate of 3.2 percent and a gross rent multiple of 20.3. The building has nine rent-stabilized units and one vacant unit; apartments range in size from 350 to 700 square feet. | September 2008 |
| 8612 Third Ave (Brooklyn) map | 3,700 sf mixed-use bldg | Brooklyn investor | n/a | n/a | Stephen Palmese, Massey Knakal | $1.28M | The property sold for $1.28 million, or $350 per square foot. The building has a store on the ground floor and a four-bedroom duplex above. The commercial space is occupied by Carvel/Cinnabon, whose lease expires in 2013. | September 2008 |
| 590 Sterling Pl (Brooklyn) map | 3-story, 4,200 sf apt. bldg | Manhattan user | Alex Maroni, Heights Berkeley Realty | n/a | Ira Krivit, Massey Knakal | $1.1M | The newly constructed multifamily property sold for $1.1 million, or $261 per square foot. The price represents a capitalization rate of 6.44 percent and a gross rent multiple of 10.9. Each of the three units has three to four bedrooms and two bathrooms. | September 2008 |
| 1301 Sixth Ave (Credit Lyonnais Building) map | 45-story, 1.76 million sf office bldg | Paramount Group | n/a | Deutsche Bank | Doug Harmon, Eastdil Secured | $1450.0M | The office tower went into contract for around $1.45 billion, or $820 per square foot. Deutsche Bank, which seized the property earlier this year ? along with six others ? from Harry Macklowe to settle unpaid debt, also sold a controlling interest in 850 Third Avenue and 65 East 55th Street for around $930 million (see below). | August 2008 |
| 850 Third Ave and 65 East 55th St (Park Avenue Tower) map | 2 office bldgs, 1.017 million sf total | Shorenstein Properties | n/a | Deutsche Bank | S. Latham, J. Caplan, R. Cohen, R. Baxter, C&W | $930.0M | The San Francisco-based real estate company signed a contract for a 94.5 percent interest in the two office towers formerly owned by Macklowe Properties in a transaction valued at around $930 million. The majority stake in the 38-story building at 65 East 55th Street was purchased for $665 million, or $1,100 per square foot; the controlling interest in the 21-story property at 850 Third Avenue was bought for $325 million, or $530 per square foot. The remaining interest in the package is owned by developer George Klein and worth approximately $60 million. | August 2008 |
| 405 Lexington Ave (Chrysler Building) map | 77-story, 1.035 million sf office bldg | Abu Dhabi Investment Council | n/a | TMW Real Estate Group; Tishman Speyer Properties | n/a | $800.0M | The Middle Eastern sovereign wealth fund acquired a 90 percent stake in the property for $800 million. Tishman Speyer Properties will retain a 10 percent share and continue to manage the tower. The Cooper Union for the Advancement of Science and Art owns a 150-year ground lease under the property. | August 2008 |
| 175 Fifth Ave (Flatiron Building) map | 21-story, 183,449 sf office bldg | Sorgente Group | n/a | n/a | n/a | $180.0M | The Italian investment firm increased its stake in the landmark property, valued today at $180 million. The company, which initially purchased a minority share in the building in 2006, now commands a 53 percent controlling interest. The sellers acquired a 52 percent share in the tower in 1997 for less than $10 million. | August 2008 |
| 257 Clinton St (Land's End II) map | Two 26-story apt. bldgs, 490 units total | Aimco | n/a | Apollo Real Estate; Pembroke Real Estate | Douglas Harmon, Eastdil Secured | $174.0M | The two-tower complex went into contract for $174 million. The apartments range in size from 750 to 1,500 square feet and rent for an average of $2,000. All the units are currently rented to Section 8 tenants. | August 2008 |
| 200 East 82nd St (Wimbledon Apartments) map | 28-story, 205,261 sf apt. bldg, 230 units total | Adellco affiliate | n/a | P&H Associates | n/a | $150.35M | The property sold for $150.35 million, or around $750 per square foot. The building had gone on the market in January with an asking price of $175 million. Monthly rents at the building average $3,000. | August 2008 |
| 700 Broadway map | 8-story, 100,000 sf office bldg | Weitz and Luxenberg | Newmark Knight Frank | Lincoln Property Company | Represented in-house | $70.0M | The 19th-century property sold for $70 million. The buyer, a tort and malpractice law firm, plans to occupy the entire building when it moves in sometime next year. The firm is currently located at 180 Maiden Lane. The seller acquired the building for $53.05 million in 2006. | August 2008 |
| 2 West 56th St map | 5-story, 16,200 sf comm. bldg | Paramount Group | n/a | Ronald and Bruce Winston | n/a | $62.0M | A 50 percent interest in the property that is home to the Harry Winston jewelry store sold for $62 million. | August 2008 |
| 201 West 92nd St and 200 West 93rd St map | Two 6-story apt. bldgs | 92nd Street Equities | n/a | Kent Swig | Eastern Consolidated | $61.0M | The 134-unit rental complex sold for $61 million. The property has 125,000 square feet of unused air rights that would allow seven additional stories of condo development. The buildings contain 68 one-bedrooms, 56 two-bedrooms and 10 three-bedrooms. Swig bought the buildings for $54 million in 2005 with plans to convert them into condos. | August 2008 |
| 240 West 35th St map | 18-story, 162,000 sf office bldg | Hidrock Realty | n/a | n/a | n/a | $58.0M | The property sold for $58 million, or $358 per square foot. Asking rents at the building, which has 40 commercial tenants, are expected to be in the $40- to $45-per-square-foot range. | August 2008 |
| 42 Greene St and 90 Grand St map | Two 5-story bldgs, 84,000 sf total | Zar Brothers Realty affiliate | n/a | n/a | n/a | $49.0M | The two commercial properties sold for $49 million. The buildings, constructed in the early 1900s, are located in the Soho Historic District. | August 2008 |
| 132-26 South Conduit Ave (Queens) map | 6-story, 57,700 sf hotel, 150 rooms total | Hersha Hospitality Trust | n/a | n/a | n/a | $33.9M | The Sheraton JFK Airport Hotel sold for $33.9 million, or $226,000 per room. | August 2008 |
| 202 West 40th St map | 15-story, 38,000 sf office bldg | n/a | Marcel Friedman, Barcel Group | n/a | Marcel Friedman, Barcel Group | $22.8M | The property sold for $22.8 million, or $600 per square foot. The price represents a capitalization rate of 5.5 percent. | August 2008 |
| 247 West 30th St map | 16-story, 67,500 sf office bldg | Infinity Office Properties; Katz Properties; Michael Sokolow | n/a | n/a | n/a | $15.85M | The property closed for $15.85 million. The building has office spaces ranging from 2,500 square feet to 5,000 square feet. Infinity Office Properties will manage the property. | August 2008 |
| 32-34 West 29th St map | 44,000 buildable sf development site | Pioneer Management & Realty | Laurence Ross, Besen & Associates | GJ Malt Corporation | Lou Corti, Besen & Associates | $15.0M | The parking lot sold for $15 million. The property has a footprint of 4,400 square feet and was most recently occupied by operator Central Parking. | August 2008 |
| 74 Leonard St map | 5-story, 27,000 sf mixed-use bldg | The Laboz family | n/a | n/a | Joe Rosales, Lee Odell Real Estate | $12.0M | The building housing the Knitting Factory music venue sold for $12 million. The property also has 18 apartments. | August 2008 |
| 11-13 Hubert St map | 3-story, 9,923 sf mixed-use bldg | n/a | n/a | Dennis Novick | Peter DeCheser, Massey Knakal | $9.5M | The 50-foot-wide building sold for $9.5 million, or $957 per square foot. The property, originally a one-story structure, was renovated with a two-story extension. The building contains professional offices, a gym, a classroom and a sauna. | August 2008 |
| 698 10th Ave map | 6-story, 1,890 sf apt. bldg | n/a | Luis Vigliotti, Extreme Realty | n/a | Richard Guarino, Extreme Realty | $7.25M | The property sold for $7.25 million. | August 2008 |
| 27-02 Skillman Ave (Queens) map | 2-story, 30,000 sf industrial bldg | n/a | Dmitri Gourianov, Kalmon Dolgin Affiliates | n/a | Joshua Zellner, Zellner Realty Corp. | $7.0M | The industrial property sold for $7 million, or $233 per square foot. The site has an additional 20,000 square feet of air rights. | August 2008 |
| 2293 12th Ave map | 3-story, 22,100 sf mixed-use bldg | Columbia University | n/a | Nebraska Meat Corp. | n/a | $6.97M | The property sold for $6.97 million. It has 12,850 square feet of office space and 9,250 square feet of ground-floor retail. | August 2008 |
| 228-238 East 117th St map | Development site | n/a | n/a | n/a | Shimon Shkury, Massey Knakal | $6.4M | The property sold for $6.4 million. A 12,615-square-foot garage is currently located on the site, which permits 50,460 buildable square feet of residential development. | August 2008 |
| 645 Ocean Ave (Brooklyn) map | 56-unit apt. bldg | First Point Partners | Aaron Jungreis, Rosewood Realty | n/a | Aaron Jungreis, Rosewood Realty | $6.05M | The residential property sold for $6.05 million. The price represents a gross rent multiple of 11. | August 2008 |
| 25 Prince St map | 4-story, 3,735 sf mixed-use bldg | Manhattan user | Jessica Rosenraich, JP Rose Real Estate | n/a | Robert Burton, Massey Knakal | $5.25M | The walk-up property sold for $5.25 million, or $1,406 per square foot. The transaction occurred at a capitalization rate of 4.3 percent and a gross rent multiple of 21. The upper floors were delivered vacant; the ground floor retail space is leased until February 2010. | August 2008 |
| 71-37 Austin St (Queens) map | 1-story, 3,115 sf retail bldg | Queens developer | n/a | n/a | Nick Petkoff, Massey Knakal | $5.0M | The commercial property sold for $5 million, or $472 per square foot. The price represents a capitalization rate of 3.6 percent and a gross rent multiple of 20.8. The building has an additional 10,591 buildable square feet and contains a dry cleaning business, which has a lease expiring in 2013. | August 2008 |
| 9517-37 Kings Hwy (Brooklyn) map | 2-story, 21,000 sf school bldg | Queens investor | n/a | n/a | J. Ciraulo, E. Rivera, R. Santiago, Massey Knakal | $3.95M | The property sold for $3.95 million, or $184 per square foot. The price represents a capitalization rate of 8.6 percent and a gross rent multiple of 10.4. The building, which currently operates as a middle school, has been leased to the Board of Education since 1971; the Board is in its first year of a 20-year lease renewal, due to expire in 2027. | August 2008 |
| 229 East 2nd St map | Development site | Brooklyn developer | n/a | n/a | Michael DeCheser, Massey Knakal | $3.65M | The residential development site sold for $3.65 million, or $470 per square foot. Plans have been approved for a six-story, 7,672-square-foot multifamily residence on the property. The completed building will feature a triplex and two duplexes, as well as 1,000 square feet of private rooftop space. | August 2008 |
| 424 East 10th St map | 12,750 buildable sf development site | n/a | Richard Guarino, Extreme Realty | n/a | Paul Italia, Extreme Realty | $3.55M | The one-story commercial building sold for $3.55 million as a residential development site. | August 2008 |
| 161-21 Jamaica Ave (Queens) map | 7-story, 51,205 sf mixed-use bldg | Manhattan investor | n/a | n/a | Brian Sarath, Massey Knakal | $3.45M | The five upper floors of the building (34,185 square feet total) sold for $3.45 million, or $101 per square foot. The first and second floors are retail spaces and will be retained by the seller. | August 2008 |
| 215-31 Hillside Ave (Queens) map | 3-story, 20,403 sf apt. bldg, 26 units total | n/a | Shay Zach, Itzhaki Properties | n/a | Ami Efrati, Itzhaki Properties | $3.18M | The property sold for $3.18 million, or $156 per square foot. The price represents a capitalization rate of 5.8 percent and a gross rent multiple of 11. | August 2008 |
| 143-50 Hoover Ave (Queens) map | 32,295 buildable sf development site | Long Island developer | n/a | n/a | T. Donovan, B. Sarath, Massey Knakal | $2.8M | The property sold for $2.8 million, or $87 per buildable square foot. The site has a footprint of 10,765 square feet. | August 2008 |
| 149 33rd St (Brooklyn) map | 10,000 sf warehouse | Manhattan user | n/a | n/a | Lawrence Sarn, Massey Knakal | $2.5M | The industrial property sold for $2.5 million, or $250 per square foot. The warehouse contains an additional 10,000 square feet of air rights. | August 2008 |
| 139-47 33rd St (Brooklyn) map | 10,000 sf warehouse | New Jersey user | n/a | n/a | Lawrence Sarn, Massey Knakal | $2.45M | The industrial property sold for $2.45 million, or $245 per square foot. The building features an additional 10,000 square feet of air rights. | August 2008 |
| 233-02/10 Merrick Blvd (Queens) map | 1-story, 6,417 sf retail bldg, 4 units total | Manhattan investor | n/a | n/a | T. Donovan, B. Sarath, Massey Knakal | $1.75M | The retail property sold for $1.75 million, or $273 per square foot. The price represents a capitalization rate of 8 percent and a gross rent multiple of 10.1. The four retail spaces are occupied by a restaurant, hair salon, Laundromat and tattoo parlor. | August 2008 |
| 314 Carroll St (Brooklyn) map | 4-story, 5,814 sf mixed-use bldg | n/a | Mina Pecorella, Century 21 Calabrese Realty | n/a | Ken Freeman, Massey Knakal | $1.73M | The corner property sold for $1.73 million, or $298 per square foot. The price represents a capitalization rate of 5.9 percent and a gross rent multiple of 12.5. The building has six apartments, a vacant loft space and a store. | August 2008 |
| 611 DeGraw St (Brooklyn) map | 10,000 buildable sf development site | New Jersey developer | n/a | n/a | Kenneth Freeman, Massey Knakal | $1.4M | The property sold for $1.4 million, or $140 per buildable square foot. | August 2008 |
| 2220 Adams Pl (The Bronx) map | 5-story, 14,652 sf apt. bldg, 16 units total | Long Island investor | n/a | n/a | Marco Lala, Massey Knakal | $1.26M | The walk-up residential property sold for $1.26 million, or $86 per square foot. The price represents a capitalization rate of 7.1 percent and a gross rent multiple of 8. All the units are occupied except the basement, which has been sealed off. | August 2008 |
| 59-01 55th St (Queens) map | 7,300 sf warehouse | Queens user | n/a | n/a | John Falco, Massey Knakal | $1.15M | The industrial property sold for $1.15 million, or $158 per square foot. The building has a drive-in garage door and 14-foot ceilings and was delivered vacant. | August 2008 |
| 767 Fifth Ave (GM Building) map | 50-story, 1.9 million sf office bldg | Boston Properties; Goldman Sachs; Middle Eastern investors | n/a | Macklowe Properties | Darcy Stacom, CBRE | $2800.0M | The tower sold for $2.8 billion, or about $1,474 per square foot. The deal broke the record for the highest price ever paid for a single office building, previously held by Kushner Companies? $1.8 billion purchase last year of 666 Fifth Avenue. Macklowe Properties sold the GM Building to help pay off overdue short-term debt on the seven Midtown office buildings Macklowe bought in a highly leveraged deal last year. Macklowe purchased the trophy tower for $1.4 billion in 2003. Boston Properties acquired a 60 percent stake in the GM Building, paying around $890 million in cash and assuming the $1.9 billion in debt, due to mature in 2017. The Boston Properties-led group also paid around $1.1 billion for three other Macklowe office properties in Manhattan (see below). | July 2008 |
| Manhattan office portfolio map | 3 office bldgs, 1.44 million sf total | Boston Properties; Goldman Sachs; Middle Eastern investors | n/a | Macklowe Properties | Darcy Stacom, CBRE | $1100.0M | The three office towers sold for around $1.1 billion as part of a larger deal that included the $2.8 billion sale of the GM Building. The portfolio includes the 632,305-square-foot building at Two Grand Central Tower, the 540,000-square-foot tower at 125 West 55th Street and the 272,532-square-foot property at 540 Madison Avenue. | July 2008 |
| 157 West 47th St (Quality Hotel Times Square) map | 60,000 sf hotel | Rockefeller Group Development Corp. | n/a | Hampshire Hotels and Resorts | n/a | $75.0M | The hotel sold for $75 million. | July 2008 |
| Midtown West portfolio map | 13 apt. bldgs, 254 units total | The Orbach Group | Aaron Jungreis, Rosewood Realty Group | Nathan Halegua | n/a | $70.0M | The package of five-story walk-up rental buildings sold for $70 million. The properties are located on the south side of West 49th Street between Eighth and Ninth avenues. About half of the units in the portfolio are rent-regulated. The buildings have a combined seven stores. | July 2008 |
| 635 Madison Ave map | 144,075 sf office bldg | Ashkenazy Acquisitions | n/a | L&L Holdings | n/a | $70.0M | The 44 years remaining on the ground lease went into contract for around $70 million. L&L Holdings bought the ground last year for $110 million. | July 2008 |
| 30 West 47th St map | 10-story, 55,000 sf office bldg | Extell Development | n/a | Fifth Avenue Jewelers Exchange | n/a | $50.1M | The property sold for $50.1 million. It is zoned for a maximum build-out of 90,000 square feet. | July 2008 |
| 690 Madison Ave map | 5-story, 6,248 sf office bldg | Omandis NV | n/a | Fintal Holding SA | n/a | $50.0M | The property sold for $50 million. It is home to a Luca Luca store. | July 2008 |
| 29 West 36th St map | 12-story, 82,000 sf office bldg | Broadway 36th Realty | Brian Ezratty, Eastern Consolidated | Celmons Management | B. Ezratty, S. Ellard, Eastern Consolidated | $29.0M | The loft building sold for $29 million. It will be refitted with new elevator systems and a card key access system before reopening. | July 2008 |
| 160 West 48th St map | 4-story, 5,000 sf retail bldg | Rockefeller Group Development Corp. | n/a | Wolf Realty Associates of Bay Terrace | n/a | $13.9M | The building sold for $13.9 million. The site is zoned for a maximum build-out of 23,898 square feet. | July 2008 |
| One Hanson Place (Brooklyn) map | 31,856 sf office condo | Noyack Medical Partners | n/a | The Dermot Co.; Canyon-Johnson Urban Fund | R. Solarz, E. Anton, D. Schechtman, Eastern Consolidated | $13.0M | The medical office condo sold for around $13 million. Commercial rents at the property exceed $60 per square foot. | July 2008 |
| 148 Spring St map | 4-story, 6,000 sf comm. bldg | n/a | n/a | Cape Advisors | n/a | $11.5M | The landmarked commercial property sold for $11.5 million. Cape Advisors purchased the building for $5.02 million in 2006. | July 2008 |
| 150 Spring St map | 4-story, 6,400 sf comm. bldg | Vornado affiliate | n/a | Cape Advisors | n/a | $10.0M | The landmarked commercial building sold for $10 million. Cape Advisors bought the property for $8.45 million in September 2007. | July 2008 |
| 2460 Belmont Ave (The Bronx) map | 45,000 sf apt. bldg | Long Island investor | n/a | n/a | Marco Lala, Massey Knakal | $8.58M | The vacant residential property sold for $8.58 million, or $191 per square foot. | July 2008 |
| 9 Christopher St map | 13,710 sf mixed-use bldg | Manhattan investor | n/a | n/a | James Nelson, Massey Knakal | $8.45M | The walk-up building with two retail units sold for $8.45 million, or $616 per square foot. The price represents a capitalization rate of 4.1 percent and a gross rent multiple of 17.2. The property contains a mix of 13 rent-stabilized and free-market apartments, two of which are vacant. | July 2008 |
| 5 King St map | 5-story, 8,500 sf apt. bldg | Manhattan investor | n/a | n/a | James Nelson, Massey Knakal | $6.2M | The walk-up multifamily property sold for $6.2 million, or $729 per square foot. The price represents a capitalization rate of 6.2 percent and a gross rent multiple of 13.3. The building has 16 apartments, including nine studios, two one-bedrooms and five two-bedrooms. | July 2008 |
| 182-02 Jamaica Ave (Queens) map | 36,000 sf development site | Brooklyn investor | Dmitri Gourianov, Kalmon Dolgin Affiliates | Jamaica Motors | Barry Fishback, RKF | $3.6M | The property sold for $3.6 million. It is located in a rezoned New York State Empire Zone, which offers users tax credits, utility discounts and other incentives. The buyer plans to convert the site into a retail center. | July 2008 |
| 154 Stanton St map | 2-story, 3,100 sf mixed-use bldg | Manhattan user | Elizabeth Juviler, Tungsten Properties | n/a | Michael DeCheser, Massey Knakal | $3.28M | The property sold for $3.28 million, or $1,058 per square foot. It was built in 1860 as a five-story structure, but the three upper floors were removed due to a fire in the 1950s. The building currently has two ground-level stores and a commercial space above with a roof deck. | July 2008 |
| 820 Second Ave (The Diplomat Center) map | 2,578 sf office condo | The Delegation of the Basque Country | Jonata Dayan, Winoker Realty | Philips International | S. Klau, T. Philips, Newmark Knight Frank | $2.0M | The 13th-floor office condo sold for just under $2 million. This will be the delegation?s second U.S. location, with another office in Chicago. | July 2008 |
| 2262 Jerome Ave (The Bronx) map | 1-story, 8,300 sf retail bldg | n/a | n/a | Houlihan-Parnes/iCap Realty Advisors | Represented in-house | $1.9M | The building sold for $1.9 million. The property is leased to supermarket chain A&P until 2015, but the purchaser is subleasing the retail space for its own grocery store. | July 2008 |
| 2701 Kingsbridge Terrace (The Bronx) map | 14,100 sf development site | n/a | n/a | n/a | Massey Knakal | $1.86M | The three contiguous lots sold for $1.86 million. The site allows 34,000 buildable square feet for residential use or up to 67,680 buildable square feet for a community facility. Plans call for a six-story, 77-unit housing complex to service the city?s homeless and low-income veterans. | July 2008 |
| 1070 Anderson Ave (The Bronx) map | 41,000 buildable sf development site | New Destiny Housing | Shay Zach, Itzhaki Properties | n/a | Shay Zach, Itzhaki Properties | $1.65M | The property sold for $1.65 million, or $40 per buildable square foot. Plans for an affordable housing project are in place. | July 2008 |
| 433 DeKalb Ave (Brooklyn) map | 4-story, 7,020 sf mixed-use bldg | New Jersey developer | n/a | n/a | Peter Schubert, Massey Knakal | $1.45M | The property sold for $1.45 million, or $207 per square foot. The building has six two-bedroom apartments and two retail spaces, including a restaurant and a vacant laundromat. | July 2008 |
| 525 Court St (Brooklyn) map | 6,000 buildable sf development site | Manhattan developer | n/a | n/a | Ken Freeman, Massey Knakal | $1.3M | The property sold for $1.3 million, or $122 per buildable square foot. | July 2008 |
| 666 Fifth Ave map | 90,000 sf retail space | The Carlyle Group; Crown Acquisitions | n/a | Kushner Companies | n/a | $525.0M | A 49 percent stake in the building’s retail space sold for $525 million. Kushner will continue to own 100 percent of the office portion of the tower, which was acquired last year for a record $1.8 billion. |
June 2008 |
| 49-55 West 47th St map | 13-story mixed-use bldg | Wo Yee Hing Realty Corp.; Real Evergreen International | n/a | Western Management Corp. | n/a | $85.0M | The property sold for $85 million. The first three floors of the building house 115 jewelers. The building, built in 1963, also has about 49,500 square feet of office space and 10 residential units. |
June 2008 |
| 125 West 45th St (Hotel QT) map | 16-story, 57,520 sf hotel | Room Mate Hotels | n/a | Andre Balazs | n/a | $82.0M | The hotel building sold for $82 million. |
June 2008 |
| Upper Manhattan portfolio map | 10 apt. bldgs, 471 units total | Vantage Properties; Apollo Real Estate Advisors | n/a | Chatam Realty Management | Luca Capin and Associates | $57.5M | The package of five- and six-story rent-regulated buildings sold for $57.5 million. The apartments sold for an average of $122,000 each, or $142 per square foot. The buildings are located at 38-48 Sickles Street, 9-23 Thayer Street, 90 Ellwood Street, 961 St. Nicholas Avenue, 552 & 556 West 188th Street, 566 West 190th Street, 570 West 190th Street, 72 Vermilyea Avenue and 248 Sherman Avenue. |
June 2008 |
| 42 East 57th St map | 5-story, 23,100 sf office bldg | T&A Holdings | n/a | East-Man Trading Company | n/a | $31.5M | The commercial property sold for $31.5 million. |
June 2008 |
| 55 and 61 Delancey St map | 2 mixed-use bldgsv | Madison Capital affiliate | n/a | 55 Delancey Street Realty | n/a | $19.6M | The two properties sold for $19.6 million. The buildings contain 45 rental apartments and seven commercial units. |
June 2008 |
| New York City portfolio map | 6 retail bldgs | Markland Holdings Limited | n/a | Citibank | n/a | $12.33M | The six bank locations sold for $12.33 million. Citibank sold 4249 Broadway for $4.3 million; 38-18 Queens Boulevard in Sunnyside for $2.1 million; 133-07 Rockaway Boulevard in South Ozone Park for $1.98 million; 51-10 Metropolitan Avenue in Ridgewood for $1.12 million; 5324 Fifth Avenue in Brooklyn for $1.8 million; and 550 Hunt’s Point Avenue in the Bronx for $1.03 million. The bank signed a 15-year lease at each location, with options to extend for another 30 years. Citibank also entered into a $5.4 million sale-leaseback agreement with John Catsimatidis’ Red Apple Real Estate for a property at 1512 First Avenue (see below). |
June 2008 |
| 31-33 West 8th St map | Two 5-story mixed-use bldgs | Jack Lebewohl and partners | n/a | n/a | W. Newell, J. Mann, Reilly Mann Newell Realty | $8.65M | The contiguous properties sold for $8.65 million. The price represents a capitalization rate of 5.8 percent and a gross rent multiple of 12.5. The package comprises 16 apartments and five stores. |
June 2008 |
| 29-21 41st Ave (Queens) map | 1-story, 8,664 sf office bldg | Westchester developer | Marcia Taranto, Sotheby’s International Realty | n/a | Alfonso Holloman, Massey Knakal | $7.73M | The commercial property sold for $7.73 million, or $892 per square foot. The site allows for 73,008 buildable square feet. |
June 2008 |
| 208 West 82nd St map | 20-unit apt. bldg | Jack Lebewohl and partners | n/a | 208 West 82 LLC | W. Newell, J. Mann, Reilly Mann Newell Realty | $7.3M | The elevator building sold for $7.3 million. The price represents a capitalization rate of 4.6 percent and a gross rent multiple of 15. |
June 2008 |
| 1512 First Ave map | 2-story retail bldg | Red Apple Real Estate | n/a | Citibank | n/a | $5.4M | The bank location sold for $5.4 million to John Catsimatidis’ real estate group. Citibank leased back the space for a 15-year term. |
June 2008 |
| 2282 Ocean Ave (Brooklyn) map | 6-story apt. bldg, 36 units total | Frey Management | Marcel Fridman, Barcel Group | Argus Realty | Marcel Fridman, Barcel Group | $5.25M | The property sold for $5.25 million. The price represents a capitalization rate of 5.8 percent and a gross rent multiple of 11.8. The average rent per apartment is $1,031. |
June 2008 |
| 516 East 81st St map | 5-story, 9,460 sf apt. bldg, 15 units total | n/a | Joshua Zellner, Zellner Realty Corp. | n/a | Joshua Zellner, Zellner Realty Corp. | $5.2M | The residential property sold for $5.2 million, or $550 per square foot. The price represents a capitalization rate of 6 percent and a gross rent multiple of 12.3. |
June 2008 |
| 85 Pitt St map | 6-story apt. bldg, 21 units total | Manhattan investor | Bart Zimmerman, Barcel Group | 85-87 Pitt Street Realty Corp. | Bart Zimmerman, Barcel Group | $5.11M | The property sold for $5.11 million, or $419 per square foot. The price represents a gross rent multiple of 13.5. The average rent per apartment is $1,228. |
June 2008 |
| 318 East 62nd St map | 6,100 sf mixed-use bldg | Manhattan investor | Rachel Mizrahi, Domain Properties | n/a | Clint Olsen, Massey Knakal | $3.9M | The property sold for $3.9 million, or $633 per square foot. The building has an additional 1,872 square feet of air rights. |
June 2008 |
| 232 East 50th St map | 4-story, 4,666 sf mixed-use bldg | n/a | n/a | n/a | Clint Olsen, Massey Knakal | $2.7M | The property sold for $2.7 million, or $579 per square foot. The price represents a capitalization rate of 5.4 percent and a gross rent multiple of 12.9. The site has 8,367 buildable square feet and 3,701 square feet of air rights. | June 2008 |
| 8325 Fifth Ave (Brooklyn) map | 3-story, 7,194 sf mixed-use bldg | Manhattan investor | n/a | Zenon Post | Stephen Palmese, Massey Knakal | $2.48M | The property sold for $2.48 million, or $345 per square foot. The price represents a capitalization rate of 5.4 percent and a gross rent multiple of 12.2. The building contains four apartments, three stores and an office, and has 3,300 square feet of air rights. |
June 2008 |
| 118 West 114th St map | 5-story apt. bldg, 10 units total | International investor | n/a | n/a | Shimon Shkury, Massey Knakal | $2.35M | The residential property sold for $2.35 million. The price represented a capitalization rate of 5.3 percent and a gross rent multiple of 13.3. |
June 2008 |
| 878-886 Westchester Ave (The Bronx) map | 62,400 buildable sf development site | n/a | Shay Zach, Itzhaki Properties | n/a | Shay Zach, Itzhaki Properties | $2.28M | The two adjacent lots were sold for $2.28 million. The lot at 878 Westchester Avenue was delivered vacant while 886 Westchester Avenue contains a one-story building. The buyer plans a mixed-use development consisting of retail and rental units. |
June 2008 |
| 1183-1189 Flatbush Ave (Brooklyn) map | 1-story, 6,355 sf retail bldg | Manhattan investor | Samuel Mizrahi, Century 21 Mizrahi Realty | n/a | Eric Greenfield, Massey Knakal | $2.15M | The property sold for $2.15 million, or $338 per square foot. The price represents a capitalization rate of 5.7 percent and a gross rent multiple of 13.5. The site contains 27,287 buildable square feet of air rights. |
June 2008 |
| 2871 Grand Concourse (The Bronx) map | 5-story, 20,250 sf apt. bldg, 21 units total | Bronx investor | n/a | n/a | Marco Lala, Massey Knakal | $2.15M | The residential property sold for $2.15 million, or $106 per square foot. The price represents a capitalization rate of 7.7 percent and a gross rent multiple of 7.9. The building contains 12 two-bedrooms and nine three-bedrooms. |
June 2008 |
| 9 St. Marks Ave (Brooklyn) map | 8-unit apt. bldg | n/a | Matthew Fotis, Marcus & Millichap | n/a | M. Fotis, D. O’Brien, M. Rosenzweig, M. Forrest, D. Shorenstein, Marcus & Millichap | $2.1M | The multi-family property sold for $2.1 million, or $274 per square foot. The price represents a capitalization rate of 6.2 percent and a gross rent multiple of 13. |
June 2008 |
| 31-25/26 Thomson Ave (Queens) map | 2-story, 4,000 sf retail bldg | n/a | n/a | n/a | Ken Hillman, Massey Knakal | $2.0M | The property sold for $2 million, or $500 per square foot. The price represents a capitalization rate of 4.6 percent and a gross rent multiple of 13.1. The building has two retail spaces and one office, and has an additional 6,000 square feet of air rights. | June 2008 |
| 212-20/24 99th Ave (Queens) map | 15,000 sf industrial space | Public Utilities Maintenance | Dmitri Gourianov, Kalmon Dolgin Affiliates | Albert Abney | George Kines, Kaplon-Belo | $1.9M | The property sold for $1.9 million. The site contains a 10,000-square-foot industrial building and a 5,000-square-foot lot with a single-family home. | June 2008 |
| 219 St. John’s Pl (Brooklyn) map | 4,544 sf apt. bldg, 8 units total | Manhattan developer | Elizabeth Rueckerl-Betteil, Prudential Douglas Elliman | n/a | Ken Freeman, Massey Knakal | $1.85M | The multi-family property sold for $1.85 million, or $407 per square foot. Seven of the eight units were delivered vacant. The site has an additional 501 square feet of air rights. | June 2008 |
| 508-510 West 29th St map | 5,478 sf of air rights | Ekstein Development | Ben Tapper, Eastern Consolidated | n/a | Roberto Ortiz, Eastern Consolidated | $1.7M | The air rights were purchased for $1.7 million, or $310 per square foot, and transferred over to another development site at 537-545 West 27th Street. With the additional air rights, a 128,913-square-foot rental and condo apartment building is being built there. | June 2008 |
| 980 East 174th St (The Bronx) map | 25,800 buildable sf development site | Queens developer | n/a | n/a | D. Simone, D. Canning, Massey Knakal | $1.17M | The property sold for $1.17 million, or $39 per buildable square foot. The site permits a development with up to 15,000 square feet of commercial space and 30,000 square feet of residential space. The buyer plans a 40-unit apartment building with 4,000 square feet of commercial space. | June 2008 |
| 104 Charlton St map | 3,000 sf office condo | Neevon Spring and Carry Speigel | Deborah Stewart, NYCRSv | n/a | Robson Zanetti, Sotheby’s International Realty | n/a | The architectural firm purchased the property at an undisclosed price. | June 2008 |
| 119 Fulton St map | 2,500 sf retail condo | One 19 Fulton LLC | M. Worthman, D. Rubens, Winick Realty Group | 119 Fulton Street Realty LLC | Z. Mishaan, L. Shabtai, Winick Realty Group | n/a | The commercial property sold at an undisclosed price. Winick Realty was appointed exclusive leasing agent for the space. | June 2008 |
| 62-60 99th St (Queens) map | 417-unit apt. bldg | Vantage Properties; Lubert-Adler | n/a | n/a | n/a | $75.0M | Rego Park’s largest apartment building, Saxon Hall, went into contract for $75 million. The purchase represents a per-unit price of $180,000. | May 2008 |
| 45 Wall St map | 27-story, 493,187 sf apt. bldg | Rockrose Development Corp. | n/a | The Teachers’ Retirement System of the State of Illinois | n/a | $70.8M | The developer became the sole owner of the building after buying out the Illinois pension fund’s 56 percent interest for a net price of $70.8 million. | May 2008 |
| 210, 220 and 230 West 107th St map | Three 6-story apt. bldgs, 153,786 sf total | The Dermot Company | n/a | Millbrook Properties | R. Abudi, D. Suissa, GFI Realty | $60.0M | The three prewar elevator buildings sold for $60 million, or $398 per square foot. The properties have a combined 183 apartments, with an average monthly rent of $1,282. The site has an additional 79,048 square feet of air rights. | May 2008 |
| 305-309 East 33rd St map | Development site | Toll Brothers | n/a | The Kibel Company | n/a | $56.65M | The Kibel Company transferred the site to a joint venture with Toll Brothers in a $56.65 million deal. | May 2008 |
| 140 Sixth Ave map | 11,470 sf development site | Integrated Capital | n/a | n/a | n/a | $33.5M | The property sold for $33.5 million. The lot is zoned for a maximum buildable area of 57,350 square feet. | May 2008 |
| 201 and 221 Linden Blvd (Brooklyn) map | Two 6-story apt. bldgs, 352,540 sf total | New York investor | Erik Yankelovich, GFI Realty | n/a | n/a | $25.5M | The prewar properties sold for $25.5 million. The buildings combine for almost 300 units, 50 percent of which are two-, three- and four-bedrooms. The average monthly rent at the properties is less than $800. | May 2008 |
