The Real Deal New York

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

Gorjian buys in Midtown, while sisterhood sells in Gramercy Park
By Kyna Doles | September 06, 2016 03:32PM

236 East 15th Street, Justin Gorjian and 316 West 39th Street

From left: 236 East 15th Street in Gramercy Park, Justin Gorjian and 316 West 39th Street in Midtown West

1.) The Missionary Sisters of the Immaculate Heart of Mary found a buyer for a pair of religious homes located in Gramercy Park. The sisterhood sold the buildings at 236-238 East 15th Street for $18.8 million and have left the homes after nearly 70 years. Synamon Global LLC is listed as the buildings’ new owner. Only one sister remained in the one of the four-story homes until this year, the New York Times reported. Compass marketed the townhouses as a single-family mega-mansion.

2.) In Midtown West, Gorjian Real Estate Group acquired a pair of mixed-use rental buildings at 314-316 West 39th Street for $16 million. While the buildings only rise five stories and span a combined 13,500 square feet, they offer up to 60,000 buildable square feet. This buildable square footage includes about 10,000 square feet from a district improvement bonus. No development plans have been filed with the city yet, but Gorjian has already submitted a permit application to renovate three apartments at 314 East 39th Street. Each of the buildings hold eight apartments and two retail units. Five of the apartments are rent-stabilized. Moses Wolf’s Jo & Wo Realty Corp. has owned the properties since 1985.

(Source: ACRIS data for closed sales between Aug. 29- Sept. 4, and Reonomy data)