The Real Deal New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

Jeff Sutton, Joseph Tabak among buyers
By Kyna Doles | February 10, 2015 09:30AM

1.) Valley National Bank sold its retail space at 62 West 47th Street for $20 million. The 13,983-square-foot commercial condominium is located in a 16-story building between Fifth Avenue and Avenue of the Americas. The buyer is listed as 64 West Street LLC. The bank is and is relocating to 71 West 47th Street.

2.) Slate Property Group picked up an apartment building at 245 East 30th Street in Kips Bay for $18.5 million. The six-story building includes 30 residential units and nearly 21,000 square feet of space. Aro Management sold the property.

3.) An East Village apartment building at 81 St Marks Place traded hands for $18.5 million. Aro Management sold the mixed-use building, which includes 24 residential units and seven commercial units. The building totals 18,784 square feet and is located between First and Second Avenues. The buyer is listed as 81-83 St Marks Realty LLC.

4.) Greystone Development purchased a development site at 130 Seventh Avenue in the West Village for $17 million. The seller, Continental Ventures, filed permits in March 2013 to develop a seven-story mixed-use building. Demolition permits were filed in July to demolish the existing single-story building. The building permits indicate the new building will span 13,471 square feet and include five residential units.

5.) Jeff Sutton’s Wharton Properties paid $16.5 million for a ground-floor retail unit at 130 Greene Street in Soho, a property that The Real Deal reported Sutton signed a contract for in December. The 3,048-square-foot retail space was home to the Italian kitchenware store Alessi. The seller is Yosi Barzilai.

6.) ABC Realty sold a development site at 5 Court Square, also known as 25-24 Jackson Avenue, in Long Island City for $15.7 million. The buyer, Jackson 2524, filed permits in September to to replace the two-story commercial building with an 11-story building on the site. The new building will total 62,908 square feet and include 73 residential units.

7.) A pair of Bronx apartment buildings traded hands for $13.9 million. Kardia 192 Realty Corp. sold the two adjacent buildings located at 816 and 826 White Plains Road to a buyer under the name Uplain LLC. The five-story buildings hold 112 apartments and a combined 60,500 square feet of space. The seller purchased the buildings in 2006 for $8.8 million.

8.) Greystone Development closed on the purchase of vacant land at 225 Fourth Avenue in Brooklyn’s Park Slope neighborhood for $13.5 million. The property is next door to the landmarked Brooklyn Lyceum, which Greystone purchased for $7.6 million in a foreclosure auction. The developer plans to build a 12-story condo building on the site which can hold up to 70 rental units. No permits have been officially been filed for the new building.

9.) An underdeveloped parcel at 207 West 75th Street on the Upper West Side sold for $13.2 million. The two-story building is 5,025 square feet and holds three units. However, the site can be developed up to 26,870 square feet. The buyer, 207 West 75th Street Owner LLC, has not filed permits have for a new building. The seller is listed as The Philippe at W75St NY, LLC.

10.) Joseph Tabak’s Princeton Holdings paid $12.8 million for a factory at 121 Morgan Avenue in Brooklyn. Located in East Williamsburg, the building holds 44,882 square feet of factory and storage space, but the site can be developed up to 97,570 square feet. HB NYC Realty LLC is the seller.

(Source: ACRIS data for closed sales between 2/2 to 2/8, PropertyShark data)