I-sales recap: West Village rental, Carnegie Hill dirt top list

In the investment sales market, a West Village rental fetched just $3 million more than it did a decade ago, when Michael Shah’s Delshah Capital paid $27 million for 100 Christopher Street, and Extell Development closed another land deal with ZD Jasper Realty, this one on the Upper East Side.

Queens-based ZD Jasper has arrived in Manhattan with a trio of land deals. In addition to its latest, on East 86th Street in Carnegie Hill, it bought two parcels near Hudson Yards.

​​The trades highlighted last week’s transactions in the middle market, defined as commercial sales between $10 million and $40 million. All are below, ranked by dollar amount.

1. Lions Group NYC bought a West Village building at 100 Christopher Street, with 36 apartments and 70 feet of retail frontage, for $30 million from Michael Shah’s Delshah Capital. Two of the residential units are rent-regulated. As part of the deal, senior lender Santander required the buyer to pay off $1.8 million in principal, according to marketing materials. Delshah bought the property in 2013 for nearly $27 million. The building spans 22,000 square feet. Lions’ purchase comes after private equity giant Carlyle Group bought a stake in a Queens development project from Lions and Fetner Properties in May.

2. ZD Jasper paid nearly $490 per square foot to Gary Barnett’s Extell Development for a 60,000-square-foot development site at the northwest corner of East 86th Street and Third Avenue. The property, at 1530 Third Avenue in Carnegie Hill, sold for $24.5 million, records show. An additional 10,000 square feet of air rights, transferable from an Extell property on Second Avenue, brought the total price to $29 million. Miami-based Pacific National Bank is the senior lender and holds a $14.5 million mortgage. The site last traded in 2021 for $21 million. ZD Jasper has done a spate of land deals in Manhattan lately, including 430 West 37th Street and 501 Ninth Avenue.

3. Bayrock Capital bought a 128-key hotel being used as a homeless shelter at 44-29 Ninth Street, Queens, from an affiliate of Premium Capital for $24 million. Formerly the Wyndham Garden Long Island City, it was built in 2010. The signatory for Bayrock was Daniel Rabinowitz. Levon Capital lent $17.5 million for the acquisition.

4. Mosdos Satmar BP bought a 35,000-square-foot yeshiva at 507 Ocean Parkway in Kensington, Brooklyn, from the nonprofit Talmudical Mosdos Temima for $20 million. Bank United, based in Miami Lakes, Florida, lent $11.6 million for the purchase.

5. A company tied to Yechiel Newhouse bought a 160,000-square-foot, mixed-use building in Longwood, the Bronx, for $19 million. The 12-story building at 950 Westchester Avenue has 111 apartments, seven offices and two retail units, with tax abatements from ICIP and 421a. The seller was a group of investors led by the Arker Companies. Flushing Bank lent $14 million for the purchase. 

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6. Truman Management bought two low-income residential buildings for $12.5 million from nonprofit Urban Home Ownership Corporation, located at 1695 and 1705 Hoe Avenue in Crotona Park East, the Bronx. The properties have a combined 88 units.

7. In the wake of a political scandal, the Migdol Organization sold two homeless shelter buildings in Harlem to nonprofit shelter operator Urban Resource Institute for $26 million. The buildings have 75 units combined at 2232 and 2250 Adam Clayton Powell Boulevard. Ohio-based KeyBank financed the purchase. Company founder Gerald Migdol pleaded guilty last year to making illegal campaign contributions to ex-Lt. Gov. Brian Benjamin. Migdol admitted that the donations were a quid pro quo for a state grant for a Migdol charity.