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

Cayuga sells a Greenpoint dev site; Tribeca mixed-use building trades hands

New York /
Aug.August 01, 2016 03:40 PM

1.) Brooklyn-based developer Harry Einhorn closed on a deal to buy a Greenpoint warehouse at 79 Quay Street from Cayuga Capital Management for $16 million. The sale comes a few months after Einhorn sued Cayuga, claiming the Williamsburg-based seller initially tried to back out of the sale, and kept its $1 million deposit. The case was discontinued in May. Cayuga bought the property for $3.8 million in 2013 and New York YIMBY reported the developer planned to transform the warehouse into a new 64-unit residential building spanning 61,000 square feet, although those plans were later rejected.

2.) In Tribeca, a five-story, block-through building at 73 Hudson Street sold for $15.2 million. Maria Natalia Alvarez Calvo of Parsifal Properties Corp. is listed as the buyer. The building is home to the Pension and Welfare Trust Fund, two apartments and a ground-floor retail space. The new buyer hasn’t announced plans yet for the property, but the building offers over 13,000 buildable square feet and could be converted into residential condominiums, according to marketing materials.

(Source: ACRIS data for closed sales between July 25-31, and Reonomy data)


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