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

Robert Jaffee buys troubled LES building; Shimmie Horn takes full control of Hell’s Kitchen hotel

New York /
Nov.November 23, 2015 01:50 PM

UPDATED, 1:30 p.m., Nov. 24: 1.) Danny Wrublin’s Dalan Management purchased a portfolio of East Village rental buildings from Lucky Bhalla’s Ascot Properties for $16.8 million. The portfolio consists of four mixed-use buildings at 194-196 Avenue and 503-505 East 12th Street, with El Camion Cantina and Double Wide Bar & Southern Kitchen occupying two of the five commercial units. In total, the four-story buildings hold 15 rental apartments and span 16,336 square feet at the corner of Avenue A and East 12th Street.

2.) Robert Jaffe is the new owner of 71 Clinton Street, a 25-unit, mixed-use building with a troubled past. Jaffe acquired the property for $16.1 million in a bankruptcy auction in June. The seven-story building spans roughly 15,500 square feet on the corner of Clinton and Rivington streets on the Lower East Side, and includes 22 apartments. An electrical fire in 2013 forced out a former commercial tenant. A prior retail tenant left after pipes burst in the building. The property racked up a number of violations for hazardous conditions under the previous owner, Steven Rosenfeld.

3.) Manhattan hotelier Shimmie Horn of the Triumph Hotel Group is taking full ownership of the Washington Jefferson Hotel in Hell’s Kitchen. Horn paid $12.3 million for the remaining stake in 318 West 51st Street, after putting down an initial $11.4 million last year for a 50 percent interest in the hotel. The purchase adds 158 rooms to Triumph’s portfolio of hotels, which includes the four-star Hotel Chandler and the Iroquois. Irene Piscopo Rodgers is the seller.

4.) New York University’s Langone Medical Center is expanding its presence in a 24-story office building at 240 East 38th Street in Midtown. The school purchased another commercial condominium unit from Verizon for $11 million. In 2012, NYU paid nearly $50 million for 14 condo units in the building. Records show the school has added another 16,776 square feet with its most recent purchase.

(Source: ACRIS data for closed sales between Nov. 16-22, and Reonomy data) 

Correction: A previous version of this post incorrectly identified the buyer of 71 Clinton Street. The buyer is Robert Jaffe.


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
Mack-Cali Realty CEO Mahbod Nia and River Centre in Red Bank (Mack-Cali)
Mack-Cali offloads Red Bank office complex for $84M
Mack-Cali offloads Red Bank office complex for $84M
Hamed bin Zayed Al Nahyan (Getty)
Pandemic squeeze forces Abu Dhabi fund to reassess real estate exposure
Pandemic squeeze forces Abu Dhabi fund to reassess real estate exposure
1111 Fannin Street, Houston (Google Maps, iStock)
Harris County set to buy downtown Houston office building for close to $29M
Harris County set to buy downtown Houston office building for close to $29M
546 Broadway and Isaac Chetrit (Google Maps)
Uniqlo finalizes $160M buy of its flagship at 546 Broadway
Uniqlo finalizes $160M buy of its flagship at 546 Broadway
688 and 702 Court Street, Brooklyn with Madison Capital managing partner Richard Wagman (Google Maps, Madison Capital)
Madison Capital snatches up Red Hook industrial sites for $45M
Madison Capital snatches up Red Hook industrial sites for $45M
130 Duane Street and 106 Pinehurst Avenue (Google Maps)
Premier Equities picks up former Tribeca hotel for $18M
Premier Equities picks up former Tribeca hotel for $18M
35-35 95th Street in Jackson Heights and 148-09 Northern Boulevard in Murray Hill (Google Maps)
Bulk condo deals top week’s mid-market sales
Bulk condo deals top week’s mid-market sales
arrow_forward_ios

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

Loading...