The Real Deal New York

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

Rao’s restaurant in East Harlem gets a new landlord; Jeff Sutton buys a West Village mixed-use
By Kyna Doles | March 21, 2016 03:00PM

Rao's co-owner Frank Pellegrino, 269 Mount Pleasant Avenue and 275 Bleecker Street

From left: Rao’s co-owner Frank Pellegrino Jr., 269 Mount Pleasant Avenue in East Harlem and 275 Bleecker Street in the West Village

1.) Jeff Sutton purchased a a four-story, mixed-use building along Bleecker Street in the West Village for $11 million, or $2,434 per square foot from longtime owner Mark Perlgut. The 4,159-square-foot building at 275 Bleecker Street is home to David’s Tea on the ground floor, the only commercial tenant, and four apartments on the upper floors.

2.) A new owner is taking over the home of the more than century-old restaurant, Rao’s, in East Harlem. Landlord Ehsan Reyhanian bought the 23-unit multifamily property at 269 Pleasant Avenue and the adjacent single-family home at 453 East 114th Street for $10 million.  The restaurant’s sale was necessary to ensure the Italian eatery stayed open, the New York Post reported. Rao’s takes up 2,800 square feet on the ground and basement floors of the seven-story building, and 22 apartments occupy the remainder of the 15,860 square feet. Reyhanian also scooped up the three-story home next door, which spans 2,664 square feet. Last year, Reyhanian sold a 14-story Midtown office building to Heskel Asset Management for $52.5 million.

(Source: ACRIS data for closed sales between March 14-20, and Reonomy data)