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

Arker buys former Far Rockaway hospital; Cynthia Rowley sells West Village outpost

New York /
May.May 23, 2016 05:20 PM

1.) Pawn shop S&G Gross is leaving its Midtown location after nearly a century at 486 Eighth Avenue. The 3,400-square-foot retail building sold for $20 million through a 1031 exchange, although the buyer’s identity is unknown. Vornado Realty Trust owns the two bordering retail buildings at 484 and 488 Eighth Avenue. The four-story building offers an additional 8,000 buildable square feet, and the new owners are likely bringing in a new restaurant tenant.

2.) Affordable housing developer the Arker Companies and partner the Northeast Brooklyn Housing Development Corp. purchased the former Peninsula Hospital Center and an adjacent vacant lot for $19 million. After the Far Rockaway hospital closed in 2012, developers have been floating ideas for the site, which boasts more than 760,000 buildable square feet, including building new senior housing. Michael Melnicke, a former board member of Peninsula Hospital, is the seller.

3.) Danny Wrublin’s Dalan Management bought a West Village building from fashion designer Cynthia Rowley for $15.5 million. The women’s retailer paid just $3 million for the property in 2003, and operates out of the 1,000-square-foot store on the ground floor. Three apartments occupy the upper floors of the four-story building.

4.) The Orbach Group is continuing its buying streak on the Upper West Side. A month after purchasing a multifamily building at 203 West 107th Street for $16.3 million, the New Jersey-based landlord put down $14 million for a pair of residential buildings at 170-172 West 107th Street. The identical properties hold a combined 30 apartments and span 18,200 square feet. Elvio Rodriguez is the seller.

5.) Erez Itzhaki’s Itzhaki Acquisitions paid $11.4 million for a 17-unit rental building at 224 West 59th Street. The Midtown building is five stories and spans 11,800 square feet between Second and Third avenues. The developer also revealed plans last week for a new 34-story rental tower it’s bringing to Kips Bay. Permit applications show the new building will hold 103 apartments across 113,000 square feet.

6.) Fortuna Realty Group picked up the last parcel needed for a Midtown South assemblage along West 39th Street. The developer purchased 30 West 39th Street for $10.3 million and has already spent $18.3 million acquiring the adjacent buildings at 24-28 West 29th Street. Fortuna also spent $2 million on the development rights to the property. Demolition is underway at the site, but Fortuna has not yet filed plans for a new building.

(Source: ACRIS data for closed sales between May 16-22, 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
14 Vesey Street, 1123 Avenue J in Brooklyn, and Jeff Sutton of Wharton Properties (Americasroof/Wikipedia, Google Maps, Wharton)
Jeff Sutton unloads Midwood commercial building
Jeff Sutton unloads Midwood commercial building
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
Maverick Real Estate Partners principal David Aviram and the buildings to be sold. (Rosewood Realty Group)
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
1240 Morrison Avenue in Soundview, 1769 86th Street in Bensonhurst and 73-99 Empire Boulevard in Crown Heights (Google Maps)
Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex
Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex
A rendering of The Pinnacle (Kislak)
Luxury rental complex in Fort Lee sells for $55M
Luxury rental complex in Fort Lee sells for $55M
440 West 57th Street and 15 Park Row (Google Maps)
NY investment sales hit lowest point since pandemic began
NY investment sales hit lowest point since pandemic began
Ron Perelman and 39 East 62nd Street (Getty, Google Maps)
Manhattan office properties trade at a discount
Manhattan office properties trade at a discount
arrow_forward_ios

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

Loading...