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

Extell buys a Diamond District building; Dalan acquires Nolita apartments

TRD NEW YORK /
Jun.June 16, 2015 12:30 PM

UPDATED, 1:55 p.m., June 16: 1.) Gary Barnett’s Extell Development acquired a low-rise commercial building at 25 West 47th Street from Michael Toback for $15.4 million. The two-story Diamond District building, located between Fifth and Sixth avenues, has 5,630 square feet of retail space and nearly 28,800 buildable square feet. Extell owns the nearby International Gem Tower at 50 West 47th Street.

2.) Marin Management purchased a pair of adjacent apartment buildings at 1516 First Avenue and 1518 First Avenue for $14.7 million. The Yorkville properties are four stories with a combined 18 residential units and four retail units. Jack Resnick & Sons is the seller.

3.) Daniel and Andrew Wrublin’s Dalan Management Associates and RWN Real Estate Partners purchased a Nolita apartment building for $14.6 million. The six-story property at 233 Elizabeth Street, between East Houston and Prince streets, has 27 residential units and three retail units totaling 16,781 square feet. Gordon Chin, Lotus Leong and Nany Lee are the sellers. Dalan recently acquired two Midtown buildings for $36 million at 10 East 33rd Streetand 12 East 33rd Street for $36 million.

4.) The California-based Geological Institute of America is expanding its space at Extell Development’s International Gem Tower. The research institute paid $13 million for ninth-floor laboratory and research space in the 36-story Midtown tower at 50 West 47th Street. GIA moved its operations from 580 Fifth Avenue to the new Midtown location.

A previous version of the story incorrectly stated the size of 233 Elizabeth Street

(Source: ACRIS data for closed sales between June 8-14, and Reonomy data)


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