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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

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.

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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)

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Investment Sales