Commercial Sales |
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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 |
|---|---|---|---|---|---|---|---|---|
| 37-45 Bridge St (Dumbo) map | 67,500 sf factory | n/a | n/a | n/a | C. Cutler, C. Flint, I. Rossano, Besen & Associates | $13.0M | The property sold for $13.5 million, or $200 per square foot. The buyer plans to convert it to residential use. | August 2007 |
| 15 West 96th St, 245 West 76th St, 251 West 76th St map | 3 apt. bldgs, 18,500 sf total | Frontier Realty LLC | n/a | Itzhaki Properties | S. Zach, E. Itzhaki, O. Cohen, Itzhaki Properties | $11.0M | The three-building package sold for $11.5 million, or 17 times the gross rent multiple. | August 2007 |
| 1317 East 14th St, 1401 Elm Ave (Brooklyn) map | Two apt. bldgs, 84 units total | Brooklyn investor | n/a | n/a | B. Emmetsberger, M. Lively, Massey Knakal | $10.0M | The four-story walk-up apartment building and six-story elevator building sold for $10 million, which represents a capitalization rate of 5.93 percent, a gross rent multiple of 10.2 and a per-square-foot price of $128. The properties combined total 77,950 square feet and also contain three ground floor retail units and two office units. | August 2007 |
| 48 West 138th St map | 41,000 sf, 88-unit apt. bldg | Baruch Singer | n/a | n/a | n/a | $10.0M | The building sold for $10 million. | August 2007 |
| 342 West 40th St map | Development site | n/a | Berko & Associates | Staging Techniques | Berko & Associates | $8.0M | The six-story loft building, whose site can support 59,177 buildable square feet, sold for $8.48 million. The buyer plans to demolish the building and construct a 34-story hotel. | August 2007 |
| 338 Bowery map | 3-story hotel | Sam Chang | n/a | n/a | n/a | $7.0M | The hotel, known for its $30 room rates and international backpacking clientele, sold for $7.8 million. | August 2007 |
| 111 3rd St (Brooklyn) map | Development site | The Hudson Companies Inc. | n/a | n/a | Ken Freeman, Massey Knakal | $7.0M | The corner site with 46,728 buildable square feet sold to the developer for $7.775 million, or $166 per square foot. | August 2007 |
| 338-340 East 22nd St map | 2 apt. bldgs, 40 units total | Westchester investor | n/a | n/a | J. Nelson, J. Ciraulo, B. Emmetsberger, Massey Knakal | $7.0M | The two adjacent five-story walk-ups sold for $7.15 million, which represents a per-square-foot price of $402, a capitalization rate of 5.19 percent and a gross rent multiple of 12.6. They have a combined 17,770 square feet of space. | August 2007 |
| 1000 Targee St (Staten Island) map | 4-story, 100-unit apt. bldg | Marolda Properties | M. Fridman, Z. Zimmermann, Itzhaki Properties | n/a | M. Fridman, Z. Zimmermann, Itzhaki Properties | $7.0M | The 1.6-acre property, which includes three elevators and 78 parking spaces, sold for $7 million to the Manhattan investor. It is reportedly one of the largest residential parcels in the borough. | August 2007 |
| 135-08 Roosevelt Ave (Queens) map | 3,500 sf retail strip | Queens investor | n/a | n/a | D. Alani, C. Fu, Massey Knakal | $5.0M | The retail property sold for $5.95 million, or $1,700 per square foot. The transaction occurred at a capitalization rate of 4.59 percent and a gross rent multiple of 19.3. | August 2007 |
| 2363 Adam Clayton Powell Blvd map | 38,000 sf, 51-unit apt. bldg | Baruch Singer | n/a | n/a | n/a | $5.0M | The building sold for $5.7 million. | August 2007 |
| 192 Water St (Dumbo) map | 24,150 sf warehouse | n/a | n/a | n/a | C. Cutler, C. Ann Flint, I. Rossano, Besen & Associates | $5.0M | The property sold for $5.7 million, or $236 per square foot. The buyer plans to convert it to residential use. | August 2007 |
| 52-01 Queens Blvd (Queens) map | Development site | Long Island developer | n/a | n/a | David Alani, Massey Knakal | $5.0M | The 12,000-square-foot lot sold for $5 million, or $83 per square foot. It can be built to 60,000 square feet if the developer includes 20 percent affordable housing. | August 2007 |
| 8020 Bay Pkwy (Brooklyn) map | 4-story, 53-unit apt. bldg | n/a | H. Fuchs, A. Doshi, Besen & Associates | n/a | H. Fuchs, A. Doshi, Besen & Associates | $4.0M | Also known as 2174 80th Street, the 48,000-square-foot walk-up building sold for $4.95 million, which represents a per-square-foot price of $103, a capitalization rate of 0.5 percent and a gross rent multiple of 10.1. | August 2007 |
| 27 East 7th St map | 6-story, 7,850 sf bldg | Manhattan converter | n/a | The Order of Saint Basil the Great | John Ciraulo, Massey Knakal | $4.0M | The vacant residential building, once used as a rectory for the clergy of the church, sold for $4.5 million, or $573 per square foot. | August 2007 |
| 2786 Bainbridge Ave (The Bronx) map | 6-story, 48-unit apt. bldg | Long Island investor | n/a | n/a | Marco Lala, Massey Knakal | $4.0M | The 63,024-square-foot Bedford Park property sold for $4.1 million, or $65.05 per square foot. The transaction occurred at a capitalization rate of 5.99 percent and a gross rent multiple of 8.8. | August 2007 |
| 332 East 22nd St map | 4-story, 4,600 sf apt. bldg | Manhattan developer | n/a | n/a | John Ciraulo, Massey Knakal | $3.0M | The walk-up property sold for $3.85 million, or around $837 per square foot. The building will be demolished to make way for a six-story, 12-unit residential condominium. | August 2007 |
| Harlem portfolio map | 4 apt. bldgs, 40 units total | Westchester private investor | n/a | n/a | M. Lala, S. Shkury, Massey Knakal | $3.0M | Four buildings totaling 38,200 square feet at 6, 12, 26 and 34 West 132nd Street sold for $3.5 million, which represents a per-square-foot price of $92, a capitalization rate of 5.37 percent and a gross rent multiple of 10.2. | August 2007 |
| 155-159 North 4th St (Brooklyn) map | Development site | Queens developer | n/a | n/a | Mark Lively, Massey Knakal | $2.0M | The 7,550-square-foot site sold for $2.9 million, or $192 per square foot. It can support up to 15,100 square feet. | August 2007 |
| 100 St. Marks Pl (Brooklyn) map | 7,395 sf apt. bldg | Manhattan investor | n/a | n/a | Ken Freeman, Massey Knakal | $1.0M | The eight-family building sold for $1.79 million, or $242 per square foot. The transaction occurred at a capitalization rate of 5.98 percent and a gross rent multiple of 12.9. | August 2007 |
| 62-01 Woodside Ave (Queens) map | 4-story, 9,100 sf apt. bldg | Manhattan investor | n/a | n/a | David Alani, Massey Knakal | $1.0M | The walk-up building with a store on the ground floor sold for $1.5 million, which represents a capitalization rate of 6.52 percent, a gross rent multiple of 10.1 and a per-square-foot price of $165. The property contains nine apartments: six three-bedrooms, two one-bedrooms and a studio. | August 2007 |
| 155 Freeman St (Brooklyn) map | 3-story, 5,750 sf loft bldg | n/a | n/a | n/a | Mark Lively, Massey Knakal | $1.0M | The property sold for $1.4 million, or $243 per square foot. | August 2007 |
| 524 Court St (Brooklyn) map | 3,600 sf mixed-use bldg | Manhattan buyer | n/a | n/a | Ken Freeman, Massey Knakal | $1.0M | The corner property sold for $1.35 million, which represents a capitalization rate of 3.84 percent, a gross rent multiple of 20.8 and a per-square-foot price of $375. | August 2007 |
| 230 Park Ave S map | 386,000 sf office bldg | Rockrose Development Corp. | n/a | Mickey Rabina; former Lazard Freres investment bankers | R. Baxter, R. Cohen, S. Latham, J. Caplan, C&W | $230.0M | The building went into contract for $230 million, or $700 per square foot. | July 2007 |
| Five Madison Ave map | 41-story, 267,000 sf bldg | Africa Israel | n/a | SL Green; RFR Holding; Ian Schrager | n/a | $200.0M | The landmark Clock Tower sold to Lev Leviev's international holding and investment company for $200 million, or $750 per square foot. SL Green had acquired the building in 2005. | July 2007 |
| Yorkville portfolio map | 35 apt. bldgs, 758 units total | n/a | Aaron Jungreis, GFI Realty | n/a | Aaron Jungreis, GFI Realty | $160.0M | The portfolio sold for $160 million, or approximately $211,000 per residential unit. | July 2007 |
| 235 West 46th St (Paramount Hotel) map | 610-room hotel | Walton Street Capital; Westbrook Partners | n/a | Becker Ventures; Hard Rock Café International | n/a | $152.0M | The hotel sold for $152 million. It will not be converted to the Hard Rock Hotel New York, as once speculated. The partnership had acquired the property in 2004 for $130 million from Ian Schrager. | July 2007 |
| 1619 Broadway (Brill Building) map | 11-story, 177,000 sf office bldg | Invesco Real Estate | n/a | Murray Hill Properties, Westbrook Partners | D. Harmon, A. Spies, Eastdil | $150.0M | The popular songwriting and music publishing hub sold for just over $150 million to the Dallas-based real estate company. The sellers had purchased the art deco Class B building for $92 million last November. | July 2007 |
| 25 West 51st St map | 28-story, 91,588 sf hotel | Rockwood Capital | n/a | Club Quarters | n/a | $120.0M | The real estate investment company purchased the Rockefeller Hotel for $120.3 million. Rockwood had previously purchased two other Club Quarters locations in the city. | July 2007 |
| 960 Sixth Ave map | 16-story, 100,000 sf office bldg | The Statuto Group | n/a | New York Community Bancorp | CBRE | $105.0M | The Statuto Group bought the building, which is the headquarters for the Atlantic Bank on New York, for $105 million. After the bank moves out next year, Statuto will work with DTZ Real Estate Investors to reposition the building. | July 2007 |
| East Village portfolio map | 17 apt. bldgs, 259 units total | Westbrook Partners | n/a | Extell Development | n/a | $97.0M | The 17-building portfolio sold for $97.5 million, or $376,000 per unit. Extell had purchased the portfolio for $72 million just 18 months earlier. | July 2007 |
| 1760 Third Ave map | 19-story, 247,000 sf bldg | The Chetrit Group | n/a | Sigety family | M. Tortorici, S. Shkury, Massey Knakal | $80.0M | The vacant building, originally built as a nursing home, sold for $80 million, or $324 per square foot. The Chetrit Group partnered with an unnamed educational institution to buy the building, which will be converted into a dormitory. | July 2007 |
| 52 East 41st St (Dylan Hotel) map | 107-room hotel | Hotusa Group; Losan Hotels World | n/a | Morris Moinian, Fortuna Realty Group | n/a | $78.0M | The two companies, both based in Spain, bought the hotel for $78 million. | July 2007 |
| 625 Broadway map | 12-story, 80,084 sf office bldg | Argo Corporation | n/a | Kimco Realty Corporation | J. Nelson, R. Knakal, Massey Knakal | $60.0M | The block-through property sold for $60.9 million, or $760 per square foot, at a capitalization rate of 5.9 percent and a gross rent multiple of 14. The buyer intends to continue to operate the property as an office building. | July 2007 |
| 530-540 East 169th St, 480 East 188th St (The Bronx) map | 2 apt. bldgs, 470 units total | Mark Karasick | A. Jungreis, D. Berger, J. Davidson, GFI Realty | n/a | A. Jungreis, D. Berger, J. Davidson, GFI Realty | $41.0M | The 17-story Fulton Tower and the 15-story Fordham Tower sold for $41.25 million, or $88,000 per unit. | July 2007 |
| Manhattan and Bronx portfolio map | 14 bldgs, 440 apts. and stores total | n/a | n/a | The Kligerman Group | Robert Kligerman, Kligerman Group | $37.0M | The portfolio of walk-up and elevator multifamily properties sold to an institutional buyer for $37.6 million, or eight times the rent roll for the Bronx properties and 11 times the rent roll for buildings in Inwood. | July 2007 |
| Harlem and Inwood portfolio map | 7 apt. bldgs, 282 units total | n/a | Aaron Jungreis, GFI Realty | n/a | Amit Doshi, Besen & Associates | $34.0M | The portfolio sold for $34 million, or approximately $121,000 per residential unit. The properties are located at 115 East 116th Street; 615 West 173rd Street; 14, 24-26 and 97 Thayer Street; 87 Post Road and 518 West 204th Street. | July 2007 |
| 155 Fifth Ave map | 6-story, 27,000 sf office bldg | Philips International Holding Corp. | n/a | The United Synagogue of Conservative Judaism | n/a | $26.0M | The former headquarters of the international Jewish synagogue association sold for $26.5 million. The REIT is looking to rent the entire building to a tenant in the fashion industry. The religious association will relocate to 820 Second Avenue in late December. | July 2007 |
| 972-976 Second Ave map | Development sites | Kennelly Development | n/a | n/a | n/a | $22.0M | The developer paid $22.3 million for three properties, or approximately $400 per buildable square foot. Kennelly now has more than 100,000 square feet of air rights assembled from adjacent properties. | July 2007 |
| 67 Livingston St (Brooklyn) map | 30-story, 50,000 sf res. bldg | Glory Capital | n/a | Jehovah's Witnesses' Watchtower Group | n/a | $18.0M | The investment arm of the Ben-Dayan family inked a deal to acquire the property for $18.6 million, or approximately $370 per square foot. | July 2007 |
| 55 West 46th St map | Development site | Extell Development | n/a | n/a | n/a | $18.0M | The developer closed on the purchase of a development site for its Diamond District office tower for $18 million, or approximately $679 per buildable square foot. | July 2007 |
| 172-174 Madison Ave map | 7-story, 30,765 sf office bldg | NMP Group | Navid Aminzadeh, in-house | n/a | Ivan Hakimian, Itzhaki Properties | $15.0M | The building sold in an off-market deal for $15.9 million, or approximately $515 per square foot. | July 2007 |
| 439 West 36th St map | 2-story warehouse | Manhattan developer | Lee Odell, Lee Odell Real Estate | n/a | David Kalish, Massey Knakal | $13.0M | The warehouse sold for $13.7 million, or approximately $307 per square foot. The buyer plans to relocate users to the warehouse from another property it is developing in the area. | July 2007 |
| 76-82 Leonard St, 79-81 Worth St map | 3 apt. bldgs, 29 units total | n/a | n/a | n/a | Peter DeCheser, Massey Knakal | $11.0M | The fee interest in the three mid-block properties sold for $11 million, which represents a capitalization rate of 2.3. The buildings total 70,807 square feet and include one commercial unit. The current rents total $245,000 per year. | July 2007 |
| 52-54 Lispenard St map | 2 vacant bldgs, 14,171 sf total | David Wolf | Victor Menkin, Menkin Realty Services | n/a | P. DeCheser, J. Nelson, Massey Knakal | $10.0M | The buildings sold for $10.6 million. They include 23,815 buildable square feet and approximately 9,644 square feet of air rights. | July 2007 |
| 1212-1214 Morrison Ave (The Bronx) map | 12-story apartment property | n/a | M. Sparks, D. Berger, GFI Realty | n/a | M. Sparks, D. Berger, GFI Realty | $7.0M | The property, which aggregates 154 apartments, sold for $7.7 million, or approximately $50,000 per residential unit. | July 2007 |
| 200 Dyckman St map | Development site | Local parking garage operator | n/a | Howard Greenberg, DeMarzo Realty | n/a | $6.0M | The two-story, 35,000-square-foot property sold for $6.5 million, or approximately $186 per square foot. The buyer intends to convert it into a parking garage. | July 2007 |
| 39-36 21st St (Long Island City) map | Development site | Queens developer | n/a | n/a | A. Holloman, M. Ferguson, Massey Knakal | $6.0M | The block-through site, which can support 83,125 square feet, sold for $6.1 million. | July 2007 |
| 1265 Gerard Ave (The Bronx) map | 6-story, 53-unit apt. bldg | n/a | C. Rowen, A. Feldman, Besen & Associates | n/a | H. Fuchs, A. Doshi, Besen & Associates | $5.0M | The 67,724-square-foot prewar elevator building with four stores sold for $5.2 million, which represents a capitalization rate of 7.12, a gross multiple of 8.66 and a per-square-foot price of $77. | July 2007 |
| 324 Palisade Ave (Jersey City) map | 2-story medical bldg | n/a | n/a | n/a | P. Schubert, P. Massey, Massey Knakal | $5.0M | The 21,300-square-foot property sold for $5 million, which represents a capitalization rate of 8.8, a gross rent multiple of 8.2 and a per-square-foot price of $235. | July 2007 |
| 42 Charlton St map | 4,000 sf brownstone | Little Red School House and Elisabeth Irwin High School | n/a | n/a | n/a | $4.0M | The private school purchased the building next door to its 40 Charlton Street home for $4.1 million, or $1,025 per square foot. It plans to expand its facilities. | July 2007 |
| 555 Kingston Ave (Brooklyn) map | 30,400 sf, 42-unit apt. bldg | n/a | n/a | n/a | Kevin Holmes, Massey Knakal | $3.0M | The prewar building sold for $3.4 million, which represents a capitalization rate of 5.9, a gross rent multiple of 9.5 and a per-square-foot price of $110. | July 2007 |
| 329 East 18th St map | 4-story, 4,280 sf apt. bldg | n/a | Matthew Lesser, Leslie J. Garfield & Co. | n/a | John Ciraulo, Massey Knakal | $3.0M | The walk-up building sold for $3.35 million, which represents a capitalization rate of 3.47 percent, a gross rent multiple of 19.8 and a per-square-foot price of $783. The property comprises four free-market residential units and a doctor's office. | July 2007 |
| 547-51 Marcy Ave, 97-99 Stockton St (Brooklyn) map | Development site | Brooklyn developer | n/a | n/a | Peter Schubert, Massey Knakal | $2.0M | The five lots, which can support 25,575 square feet, sold for $2 million, or $80 per buildable square foot. They are expected to be developed into townhomes. | July 2007 |
| 1496-1522 Prospect Pl (Brooklyn) map | Development site | Cityside Equities | n/a | n/a | C. Castle, P. Massey, Massey Knakal | $2.0M | The property, which can support 63,397 square feet of residential development, sold for $2.9 million, or $45 per buildable square foot. | July 2007 |
| 31 Jones St map | 4-story, 2,200 sf townhouse | n/a | n/a | n/a | J. Nelson, J. Ciraulo, Massey Knakal | $1.0M | The building sold for $1.9 million, which represents a capitalization rate of 2.7, a gross rent multiple of 23.9 and a per-square-foot price of $873. The property comprises four market-rate studio apartments. | July 2007 |
| 2608 Creston Ave (The Bronx) map | 6-story, 59,000 sf apt. bldg | Zar Property NY | n/a | n/a | n/a | $1.0M | The 54-unit elevator building sold for $1.85 million. | July 2007 |
| 4622 Fort Hamilton Pkwy (Brooklyn) map | Development site | Maimonides Hospital | n/a | n/a | Eric Greenfield, Massey Knakal | $1.0M | The site, which can support 16,925 square feet, sold for $1.7 million, or $100 per buildable square foot. The buyer plans to convert the space to medical offices. | July 2007 |
| 1864 Lexington Ave map | 5-story mixed-use bldg | n/a | M. Sparks, M. Gelbstein, GFI Realty | n/a | M. Sparks, M. Gelbstein, GFI Realty | $1.0M | The walk-up building sold for $1.65 million. It comprises eight residential units and two stores. | July 2007 |
| 864-866 Nostrand Ave (Brooklyn) map | 5-story, 12-unit apt. bldg | n/a | Yaniv Simantov, GFI Realty | n/a | Roni Abudi, GFI Realty | $1.0M | The walk-up building sold for $1.5 million, or $120,000 per residential unit. | July 2007 |
| 466 Greenwich St map | 1,200 sf comm. condo | n/a | Sandy Edry, Citi Habitats | n/a | Peter DeCheser, Massey Knakal | $1.0M | The unit sold for $1.3 million, which represents a per square foot price of $1,083. The ground-floor unit is leased through August 2008. | July 2007 |
| 1329 Clinton Ave (The Bronx) map | 5-story, 26-unit apt. bldg | B. Mehmetaj | Jim Mann | 1329 Clinton Ave Management Corp. | Brian Reilly | $1.0M | The walk-up building sold for $1.1 million, which represents a rent multiple of 6 and a per-unit price of $43,269. | July 2007 |
| 60 Wall St map | 47-story, 1.6 million sf office bldg | Paramount Group | n/a | Deutsche Bank | R. Alexander, D. Maurer-Hollaender, D. Lehman, CBRE | $1200.0M | The Class A building sold for $1.2 billion, or $738 per square foot, in the most expensive Downtown building sale to date. Deutsche Bank had paid $610 million for the building at the end of 2001. It signed a 15-year lease to retain its space at the property. | June 2007 |
| Harlem portfolio map | 4,000 residential units | Urban American Management; City Investment Fund | n/a | Cammeby's International | n/a | $940.0M | The former Mitchell-Lama buildings sold for $940 million, or $235,000 per unit, in the second-largest residential portfolio sale in Manhattan to date. The seller, Cammeby's International, is controlled by landlord Ruby Schron. The buildings are located at 3333 Broadway, 455 East 102nd Street, 1940 First Avenue, 1890 Lexington Avenue, 1990 Lexington Avenue and 1307 Fifth Avenue. The deal also included 552 Main Street on Roosevelt Island. | June 2007 |
| 885 Third Ave (Lipstick Building) map | 587,000 sf office bldg | Metropolitan Real Estate Investors | n/a | Tishman Speyer Properties | D. Stacom, B. Shanahan, CBRE | $607.0M | Los Angeles-based Metropolitan Real Estate Investors, led by Haim Revah, bought the Philip Johnson-designed building for $607 million, or $1,016 per square foot. Tishman and joint venture partner Travelers acquired the building in 2004 for $235 million. | June 2007 |
| 229 West 43rd St (New York Times Building) map | 746,000 sf office bldg | Africa Israel Investments | n/a | Tishman Speyer Properties | n/a | $525.0M | The Lev Leviev-led investment firm bought the old New York Times building for $525 million, or $704 per square foot. After the Times moves to its new space, the property will be completely vacant, and Africa Israel could spend $170 million on upgrades. Tishman Speyer acquired the building in 2004 for $175 million. | June 2007 |
| Brooklyn and Queens portfolio map | 2,000 residential units | n/a | n/a | LeFrak family | D. Stacom, B. Shanahan, CBRE | $250.0M | The portfolio sold for $250 million, or $125,000 per unit. | June 2007 |
| 1328 Broadway (2 Herald Square) map | 11-story, 354,400 sf office and retail bldg | SL Green; Gramercy Capital Corp. | n/a | n/a | n/a | $225.0M | The joint venture acquired the fee interest in the building for $225 million. The investment was made in connection with Sitt Asset Management's $275 million acquisition of a 70-year leasehold interest in the building. | June 2007 |
| 333 West 34th St map | 10-story, 345,400 sf office bldg | SL Green | n/a | Citigroup Global Markets | n/a | $183.0M | The building sold for $183 million, or $530 per square foot. | June 2007 |
| 292 Madison Ave map | 26-story, 193,000 sf office bldg | Metropolitan Real Estate Investors | n/a | SL Green | R. Baxter, R. Cohen, S. Latham, J. Caplan, C&W | $140.0M | The fully leased Class B building sold for $140 million, or $725 per square foot. SL Green bought the building in 1999 for $51.1 million. | June 2007 |
| 110 East 42nd St map | 188,000 sf office condo | Michael Wahba, UEI; Charles Ishay, Gotham Realty | n/a | SL Green | n/a | $111.0M | The joint venture bought SL Green's office condominium interest in floors six through 18 for $111.5 million, or $611 per square foot. The REIT originally acquired the property in 1997 for $30 million, or $120 per square foot. | June 2007 |
| 183 Madison Ave map | 19-story, 232,000 sf office bldg | Rock Joint Ventures | n/a | n/a | n/a | $107.0M | The building sold for $107 million, or $461 per square foot, to a British group making its first investment in the city. | June 2007 |
| 250 West 39th St map | 17-story, 181,000 sf office bldg | Lincoln Property Company; State of Illinois Pension System | n/a | L&L Holding Co.; Investcorp | R. Baxter, S. Latham, J. Caplan, R. Cohen, C&W | $93.0M | The building sold for $93.5 million, or $517 per square foot. | June 2007 |
| 1745 Broadway map | 673,722 sf office condo | SL Green | n/a | n/a | n/a | $65.0M | SL Green bought a 32.6 percent interest in the office condominium for $65 million. The investment was made through a joint venture of SITQ and the Witkoff Group. | June 2007 |
| 216 West 18th St map | 12-story, 150,000 sf bldg | n/a | D. Berger, A. Jungreis, GFI Realty | Investment group led by GVA Williams executives | n/a | $50.0M | The vacant building sold for $50 million, or $323 per square foot. The property was being converted from office space to residential condominiums, but the buyer decided to lease it as commercial offices and hired GVA Williams to handle the assignment. | June 2007 |
| 989 Sixth Ave map | 21-story, 91,050 sf office bldg | Isaac Chetrit | Azita Aghravi, Eastern Consolidated | Himmel + Meringoff Properties | P. Hauspurg, S. Gross, Eastern Consolidated | $49.0M | The building sold for $49 million, or $538 per square foot. The building is fully occupied. | June 2007 |
| 2 West 47th St map | 12-story, 78,230 sf office bldg | ABS Partners | n/a | n/a | n/a | $45.0M | The building, which includes 50,000 square feet of air rights, sold for $45 million. | June 2007 |
| 240 West 37th St map | 131,900 sf office bldg | Isaac Chetrit | Alan Helman, Walter and Samuel | n/a | V. Carrega, N. Helman, Grubb & Ellis | $43.0M | The building sold for $43 million, or $326 per square foot. The building is 98 percent occupied. | June 2007 |
| 1381-1389 Third Ave map | Development site | Orin Wilf, Skyline Developers | n/a | n/a | n/a | $36.0M | The half-block parcel, which is occupied by five residential and commercial buildings, was acquired for $36 million. The buyer plans to raze the existing structures and erect a luxury high-rise rental building. The site can support 150,000 square feet of new development. | June 2007 |
| 38-46 West 33rd St map | 8-story, 325-car garage | Hersel Torkian | B. Ezratty, Eastern Consolidated; P. Noghrey, Helmsley-Spear | Icon Parking | B. Ezratty, S. Ellard, Eastern Consolidated | $30.0M | The property was acquired for $30 million and leased back to Icon for 25 years. The lease can be canceled at any time by the new owner. The site can support a 100,000-square-foot hotel or condominium. | June 2007 |
| 1251 Lexington Ave map | 9,141 sf retail condo | J. Halegua, N. Halegua, Jonis Realty-Lexington Partners | Alan Cohen, Brighton Advisors | 150 E. 85th LLC | Jeff Fishman, RKF | $25.0M | The retail condominium, which comprises 7,141 square feet on the ground floor and 2,000 square feet in the basement, sold for $25.15 million, or $2,751 per square foot. Robert K. Futterman & Associates represented the seller in April of 2006 when it bought the property for $20.2 million. | June 2007 |
| 730 Riverside Drive (The Beaumont) map | 11-story, 63-unit apt. bldg | n/a | R. Rogovin, B. Ezratty, Eastern Consolidated; R. Brown, Levites Realty | Barry Levites | Ronda Rogovin, Eastern Consolidated | $20.0M | The elevator Art Deco apartment building sold for $20.5 million, or $325,000 per unit. The buyer plans to continue operating it as a rental. | June 2007 |
| 252 12th St, 300 12th St and 280 14th St (Brooklyn) map | 3 apt. bldgs, 70 units total | n/a | Aaron Jungreis, GFI Realty | n/a | Steven Vegh, GFI Realty | $13.0M | The walk-up properties in Park Slope sold for $13 million, or around $186,000 per unit. Approximately half of the residential units have been recently renovated. | June 2007 |
| 240 West Broadway map | Development site | Peter Moore | n/a | Family investors | C. Kingsley, Y. Oelsner, J. Epstein, G. Tolchin, C&W | $12.0M | The site, currently a parking facility, sold for $12.5 million. The buyer plans to build and eight-story, 20,060-square-foot residential condominium. | June 2007 |
| 185-189 Grand St map | Three 3-story mixed-use bldgs | Italian American Museum | n/a | Stabile family | n/a | $9.0M | The museum bought the buildings, which total 10,000 square feet, for $9 million. It will relocate to Little Italy from 28 West 44th Street. The museum is looking to raise $19 million for renovations and could use air rights to double the space to 20,000 square feet. | June 2007 |
| 1804 Second Ave map | 5-story, 24-unit apt. bldg | n/a | Eric Jacobov, GFI Realty | n/a | David Berger, GFI Realty | $8.0M | The walk-up building, which also has two retail units, sold for $8.8 million, or $293,000 per unit. | June 2007 |
| 80 Carmine St map | 1-story, 8,000 sf retail bldg | n/a | Aaron Jungreis, GFI Realty | n/a | Aaron Jungreis, GFI Realty | $7.0M | The vacant property sold for $7.6 million, or $950 per square foot. | June 2007 |
| 20 West 56th St map | Development site | Sam Chang, McSam Hotel Group | Alan Miller, Eastern Consolidated | True World Group | E. Anton, R. Solarz, Eastern Consolidated | $7.0M | The 2,500-square-foot site and existing five-story property were acquired for $7.5 million. Chang plans to build a 20,000-square-foot boutique hotel. | June 2007 |
| 40 West 56th St map | 5-story mixed-use bldg | n/a | M. Koshkerman, E. Yankelovich, GFI Realty | n/a | A. Jungreis, M. Kerwin, GFI Realty | $7.0M | The building, which has six residential units and a duplex restaurant, sold for $7 million. | June 2007 |
| 2144 Bronx Park East (The Bronx) map | 75,113 sf, 78-unit apt. bldg | Bronx private investor | Marco Lala, Massey Knakal | n/a | Marco Lala, Massey Knakal | $6.0M | The building sold for $6.4 million, which represents a capitalization rate of 5.3, a gross rent multiple of 9.3, a per-square-foot price of $85 and a per-unit price of $81,410. | June 2007 |
| 1408 Madison Ave map | 5-story, 18-unit apt. bldg | Group 103 | Jim Mann, Reilly Mann Newell Realty Group | 1408 Madison Associates | Jim Mann, Reilly Mann Newell Realty Group | $5.0M | The 9,500-square-foot walk-up building, which also has one commercial unit, sold for $5.9 million, or $616 per square foot. | June 2007 |
| 2212 Third Ave map | 2 comm. condos, 24,000 sf total | Center for Urban Community Services | D. Lebenstein, D. Wollens, A. Wysong, Colliers ABR | Genest Properties | D. Lebenstein, D. Wollens, A. Wysong, Colliers ABR | $5.0M | The nonprofit bought the two upper floors of the building for $5.2 million, or $215 per square foot. The center is relocating from 120 Wall Street. | June 2007 |
| 79 Franklin St map | 3-story 3,231 sf mixed-use bldg | Institute For Research in Human Happiness | Junji Miyake, Colliers ABR | n/a | Peter DeCheser, Massey Knakal | $4.0M | The walk-up building sold for $4 million, or $1,238 per square foot. The building has office space on the first floor and two full-floor apartments above. The buyer is a Buddhist organization. | June 2007 |
| 602 44th St (Brooklyn) map | 4-story, 28-unit apt. bldg | n/a | Aaron Jungreis, GFI Realty | n/a | Aaron Jungreis, GFI Realty | $3.0M | The building sold for $3.9 million, or $165,000 per unit. | June 2007 |
| 2078 Arthur Ave, 907 East 173rd St and 204 East 183rd St (The Bronx) map | 3 apt. bldgs, 59 units total | SII Franklin Street Parking Lot Inc. | A. Jungreis, M. Steinmetz, GFI Realty | Chris Hanover | n/a | $3.0M | The portfolio of three residential walk-up buildings sold for $3.825 million. One is four stories; the other two are five stories. | June 2007 |
| 103-22 Rockaway Beach Blvd (Queens) map | 18,240 sf retail center | Westchester investor | B. Sarath, R. Shapiro, Massey Knakal | n/a | B. Sarath, R. Shapiro, Massey Knakal | $3.0M | The property sold for $3.8 million, which represents a capitalization rate of 5.6 and a per-square-foot price of $210. The property is divided into seven retail spaces and has parking space for 120 vehicles. | June 2007 |
| 4848 Broadway map | 5-story, 36-unit apt. bldg | n/a | Aaron Jungreis, GFI Realty | n/a | Mark Steinmetz, GFI Realty | $3.0M | The walk-up building sold for $3.8 million, or $105,000 per unit. | June 2007 |
| 726 Amsterdam Ave map | 5-story, 12-unit apt. bldg | n/a | Tamir Daniel, Itzhaki Properties | n/a | Tamir Daniel, Itzhaki Properties | $3.0M | The 8,550-square-foot walk-up building, which also has a ground-floor retail space, sold for $3.77 million, or $440 per square foot. The property has an additional 12,590 square feet of air rights. | June 2007 |
| 227 East 89th St map | 5-story, 20-unit apt. bldg | New York investor | D. Gluck, D. Shenfeld, Extreme Realty | Long-term owner | D. Gluck, D. Shenfeld, Extreme Realty | $3.0M | The 10,000-square-foot walk-up building sold for $3.2 million, which represents a capitalization rate of 5.5 and a per-square-foot price of $320. Most of the units are rent-stabilized. | June 2007 |
| 1264 St. Nicholas Ave map | Development site | Cohen Bros. | M. Saltz, J. Mann, Reilly Mann Newell Realty Group | Lombardi Bros. | Richard Guarino, Extreme Realty | $3.0M | The site, which can support 10,000 square feet of development, sold for $3.2 million, or $320 per buildable square foot. | June 2007 |
