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

Stone Street Properties picks up Chelsea resi building; NoVo Foundation takes office space in Boreum Hill

New York /
Jun.June 02, 2015 01:20 PM

1.) Developer Cheskel Schwimmer acquired vacant land along East 135th Street, near the Major Deegan Expressway, in the Bronx for $15.5 million. The site is adjacent to a storage facility owned by the seller, Storage Deluxe. Schwimmer is currently developing two four-story residential buildings at 1444-1446 Bedford Avenue in Crown Heights, and a 116-unit apartment building at 1326 Ocean Avenue in Midwood. No permits have been filed yet for the Bronx development site. Shoy McKen of Besen & Associates handled both sides.

2.) Dr. John Hajjar paid $15 million for a five-story industrial building at 438 West 51st Street. The 29,000-square-foot property in Midtown West was marketed as an opportunity for a medical facility conversion with an additional 7,000 square feet of air rights, although no permits have been filed yet for an alteration to the property. Robert Lewis is the seller.

3.) The Mann Group bought a rental building at 1045 Union Street, also known as 820 Franklin Avenue, in Crown Heights for $14.5 million The five-story building has 32 apartments and nearly 35,000 square feet of space. Peter Tessler’s ZT Realty paid $5.2 million for the property  in 2012.

4.) Jeffrey Kaye’s Stone Street Properties purchased an 18-unit residential building at 350 West 18th Street in Chelsea for $10 million. The six-story walk-up, between Seventh and Eighth avenues, is a rental building with nearly 9,900 square feet of space. The seller, Richard Sachs, paid $5.5 million for the building in 2006. Stone Street Properties also recently acquired a six-story residential building at 1413 York Avenue for $7 million.

5.) Midtown-based NoVo Foundation is moving into new digs at at 401 State Street in Boreum Hill. The charity foundation paid $10 million for the three-story, 13,500-square-foot office between Bond and Nevins streets. Brooklyn developer Martin Handler is the seller.

(Source: ACRIS data for closed sales between May 25-31, and Reonomy data) 


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Aby Rosen and Jay Penske in front of 475 Fifth Avenue (LoopNet, Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Aby Rosen teams up with Rolling Stone publisher on $290M office deal
Aby Rosen teams up with Rolling Stone publisher on $290M office deal
New York skyline
Rising interest rates will dampen city’s investment sales market this year
Rising interest rates will dampen city’s investment sales market this year
Legion Investment Group's Victor Sigoura and 26 East 84th Street (Getty Images, Google Maps, iStock)
Old-guard landlords cash out in Manhattan, Bronx multifamily deals
Old-guard landlords cash out in Manhattan, Bronx multifamily deals
331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
Tri-state deal roundup: Multifamily, industrial still hot
Tri-state deal roundup: Multifamily, industrial still hot
From left: Michael Dell, Alex Rodriguez and Donald Trump along with the Trump Hotel in Washington, D.C. (Getty Images, The Trump Organization, iStock)
Firm that manages Michael Dell’s wealth finances deal for Trump Hotel
Firm that manages Michael Dell’s wealth finances deal for Trump Hotel
Brookfield's Brian Kingston (Brookfield, Brookfield Asset Management, Public domain, via Wikimedia Commons, Google Maps, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales
Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales
Midwood's John Usdan with Candela Tower (Midwood, Candela Tower)
Midwood closes on $102M West Village property, plans renovations
Midwood closes on $102M West Village property, plans renovations
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...