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I-sales recap: Springhouse Partners takes loss on Gramercy apartments

Eyal Ofer’s Global Holdings nabs Irving Place building for 45% off 2016 price

51 Irving Place
51 Irving Place (Google Maps, Getty)

Adam Verner’s Springhouse Partners sold an apartment building near Union Square for 45 percent less than it paid for the property seven years ago — one of just four mid-market commercial transactions to hit New York City records last week.

After paying $55.5 million for the mixed-use building at 51 Irving Place in 2016, Verner told The Real Deal that the building was of a quality and in a location that was hard to replicate, making it a prime opportunity for renovation. In the end, it sold this month for just $30.7 million. 

The deal was the largest of four mid-market deals recorded last week, defined as those between $10 million and $40 million. Below are more details on each of them, ranked by dollar amount:

  1. Israeli billionaire Eyal Ofer’s Global Holdings Management Group paid $30.7 million for the 56-unit, mostly market-rate building at 51 Irving Place, a block east of Union Square, adding to its large luxury multifamily portfolio. The six-story, 42,500-square-foot property comes with 8,000 square feet of ground-floor retail space.

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  1. Manhattan-based Witnick Real Estate Partners paid $26.8 million for a newly developed multifamily building at 525 Union Avenue in Williamsburg. The property boasts 43 units over five floors and a gross floor area of nearly 65,000 square feet. Cheskel Jacobowitz signed on the deal on behalf of the seller, an entity called 525 Union Avenue Realty Associates LLC. Arbor Realty provided Witnick with a $4.6 million mortgage.
  1. Southside Units shelled out $12.9 million for a development site at 203-209 North 11th Street in Williamsburg. The lot was previously the site of a two-family home built in 1950. New York YIMBY reported in 2020 that permits had been filed by Yisroel Greenfeld for a 53-unit apartment building on the site. Omelan Mark Berezonsky signed for the seller, Omny Associates, as a managing member. Joel Schwartz signed on behalf of Southside Units, which has taken out three mortgages that combine for $26.5 million, some of which may be construction financing.
  1. Braverhood, a service provider for children with developmental issues and their caretakers, paid $10 million for the Borough Park office building in which it is currently a tenant. The three-story building sits at 1527 60th Street. The seller is an entity called 1527 Realty, LLC, which acquired the building in 2019.