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

Jeffrey Dagowitz buys a Chelsea B&B to make way for a 22-story tower; Criterion sells a Queens retail site

New York /
Mar.March 03, 2015 09:45 AM

1.) RTH Realty sold a five-story commercial building at 262 Fifth Avenue, between 28th and 29th streets, for $17.3 million. The building currently holds four commercial units, and nearly 9,000 square feet of retail, office and storage space, but the Midtown property can be developed up to 19,420 square feet. Five Points Development LLC is listed as the buyer.

2.) A trio of Astoria commercial properties at 18-67 Place19-01 and 19-39 Steinway Streets fetched $17.3 million. Flushing-based Maric Mechanical purchased the three parcels from BMFE LLC. The properties include an empty lot, a two-story office building and a single-story garage. Combined, the lots offer 115,000 buildable square feet.

3.) The Chelsea Leaf South Housing Development Fund purchased a six-story office building at 211 West 28th Street for $15.2 million. Permits are pending to enlarge the six-story building into a 14-story mixed-use, with 20,808 square feet of residential space and another 1,732 square feet of ground floor retail. The seller, Sun Wansam Realty Corp., acquired the building a decade ago for a mere $1.3 million.

4.) Marolda Properties sold a mixed-use building at 102-104 Avenue C for $14.5 million. The five-story property, located between Sixth and Seventh Streets, holds 26 apartments and three commercial units, totaling 16,672 square feet. Shahram Gatan, managing member of 102 Avenue C Realty Group, LLC, purchased the property.

5.) David Moffly and Marri Davis Moffly, the owners of a Greenwich Village townhouse at 36 West 10th Street, found a last minute buyer before the property hit foreclosure. Omek Capital shelled out $14 million for the five-story, 8,694-square-foot building, and plans to convert the four-unit residential property into a single family home before reselling it. The sellers racked up more than $7 million in debt before placing the building on the market for $19.5 million in 2012.

6.) Sackman Enterprises completed its purchase a of three-parcel development site at 15-19 West 96th Street on the Upper West Side to make way for a 22-story residential tower. The developer paid $12 million for 19 West 96th Street after acquiring the neighboring buildings at 15 and 17 96th Streets for $3.8 and $3.5 million respectively in 2007. Permits were filed in January to demolish the existing five-story building at the site.

7.) The Chelsea Bed & Breakfast at 131 West 23rd Street traded for $11.3 million. Hotelier Jeffrey Dagowitz purchased the former bed and breakfast from Chelsea Associates LLC and plans to build a 35-story residential tower at the site. The Stonehilll & Taylor designed-building will be a sprawling 212,003 square feet and top out at 445 feet high.

8.) Shibber Khan’s Criterion Group sold a one-story commercial building at 62-98 Woodhaven Boulevard in Queens for $10.8 million after buying the property last year for $9 million. The buyer, 62-89 Realty LLC, managed by Aiyun Chen, will develop the property which has 85,200 buildable square feet. Criterion filed permits in April to demolish the existing 20,022-square-foot commercial building, but new building plans have yet to emerge.

(Source: ACRIS data for closed sales between 2/23 t/o 3/1, PropertyShark data)


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