The Real Deal New York

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

Greystone buys Tribeca development site; Safra picks up retail at 224 Mulberry
By Kyna Doles | April 28, 2015 10:30AM

1.) ExxonMobil sold a vacant site at 2 Pike Street in Chinatown for $18.7 million. Developer Shing Wah Yeung of Yeung Real Estate Development purchased the property, which has nearly 59,000 buildable square feet, and plans to develop the former gas station site into an office building, according to the New York Daily News. The new owner filed plans Monday to demolish the existing one-story building on the lot, which sits between Division Street and East Broadway.

2.) Greystone Development picked up a Tribeca development site at 108 Chambers Street for $17 million. The developer purchased the plot from Ashkenazy Acquisition, who paid $6.1 million for it in 2013. The single-story building sits on the corner of Church and Chambers Street, and is home to Imperial Coffee House and City Hall Wine and Spirits. While no permits have been filed yet for the 2,000-square-foot building’s demolition, Greystone has nearly 15,000 buildable square feet to work with at the site.

3.) Two commercial units in Flank Development’s pricey condominium building at 224 Mulberry Street sold for $16.7 million. JSRE Acquisitions, an affiliated entity of Safra, nabbed the two Nolita retail units, located on the ground floor of the eight-story residential building.

4.) Packer Collegiate College closed on a $16 million deal to buy the two-story commercial building at 100 Clinton Street in Brooklyn. The Brooklyn Heights property will be converted from retail and office space into an educational facility and house preschool and kindergarten students. The new school is slated to open by fall 2017, according to the school’s website. Arnold Licht, Daniel Ricciardi and Sudarsanam Konk are the sellers.

5.) Madison Development LLC acquired a manufacturing warehouse at 1260 Zeraga Avenue in the Bronx for $14.1 million. The single-story, 100,500-square-foot factory is home to Display Producers Inc. The LLC used to purchase the property indicates the building may be converted into a storage facility. Robert Gottlieb is the seller.

6.) Connecticut-based PCW Management Center paid $13 million for an office condo at Time Equities’ 633 Third Avenue. The unit is 14,200 square feet and located at the Grand Central skyscraper between East 40th and 41st streets.

(Source: ACRIS data for closed sales between 4/20 to 4/26, PropertyShark data)