The Real Deal New York

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

John Catsimatidis buys Hell’s Kitchen commercial building for $16 million; union labor group sells Flatiron development site for $10.3 million
By Kyna Doles | February 08, 2016 05:15PM

1.) The Feil Organization and the Rosen Group partnered to buy a medical office on the Upper East Side for $17.4 million. Doctor Diego Herbstein’s six-story townhouse, located at 162 East 78th Street, last traded for $7.3 million in 2008 and was renovated in 2010. The 9,000-square foot building is home to a physical therapy office and audiology facility.

2.) John Catsimatidis is taking over a five-story commercial building located on a prime corner of West 57th Street and 11th Avenue. The Gristedes Foods owner and Red Apple Group CEO paid $16 million for the 12,707-square-foot building at 837 11th Avenue, which is home to the Balilo diner on the ground floor. TF Cornerstone’s massive 1,028-unit residential project at 606 West 57th Street will rise next door, and directly above some portions of the 11th Avenue property. Catsimatidis has not filed any new plans for the site, but will have 25,420 square feet if he decides to turn it into new residential or commercial space.

3.) Benchmark Real Estate picked up a vacant 20-unit rental building at 50 Orange Street in Brooklyn Heights for $13.5 million. The building was once part of the Jehovah’s Witnesses portfolio before it was sold to Sugar Hill Capital Partners in 2012 and to John Rosenblatt a year later. Benchmark also owns a 67-unit rental building in the same neighborhood at 23-25 Monroe Place, which it bought last year for $40 million.

4.) A laundromat on the corner of Park Place and Franklin Avenue in Crown Heights sold for $12 million. An unknown buyer under the entity RW 705 Franklin LLC acquired the low-rise building from Mark Weiss. The property has 41,000 buildable square feet if it’s transformed into residential or 20,500 square feet for a new commercial building.

5.) Workers United NY NJ Regional Joint Board offloaded a Flatiron development site for $10.3 million. Women’s apparel company Ventura Enterprise Company purchased the two-story building from the labor union. Although the existing building spans just over 2,5000 square feet, the site has an additional 13,000 square feet of air rights for new retail space.

(Source: ACRIS data for closed sales between Feb. 1- 7, and Reonomy data)