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

Castellan scoops up vacant NoMad lot next door to its project; Rybak bags LIC dev site

TRD New York /
Sep.September 26, 2016 12:20 PM

1.) A 151-bed nursing home long owned by the Daughters of Jacob traded hands for $17.5 million. Landlord Daryl Hagler acquired the building at 1160 Teller Avenue in the Bronx and will add the 214,000-square-foot center to the portfolio of nursing homes he operates throughout the city. Hagler also received a $46 million acquisition loan from Banco Popular North America.

2.) Rybak Development and Construction closed on the purchase of a development site at 11-12 44th Drive in Long Island City for $14 million. The Brooklyn-based developer filed plans last month with the city to bring a new seven-story, 49-unit residential building to the site. The property, which sits blocks from Court Square, will include 4,100 square feet of commercial space and 45,871 square feet of new residential space to the area, according to a permit application cited by New York YIMBY in August. A single-story garage and shop previously occupied the building. Alice Welsh Corp is the seller.

3.) Affordable housing developer BFC Partners TRData LogoTINY, in partnership with the NYC Partnership Housing Development Fund, snapped up a retail site in Jamaica for $12.3 million. The two-story retail property at 153-19 Jamaica Avenue is currently home to six tenants across 34,625 square feet. No plans for the site have been filed yet, but the new owners will have up to 97,000 buildable square feet for new residential or commercial space. Jerry Black’s Roxy Associates is the seller.

4.) Teaneck, N.J.-based investor George Forest acquired the commercial portion of the Indigo Condominium in Chelsea for $12.3 million. The nearly 7,000-square-foot retail space sits on the ground floor of a 13-story apartment building and is home to the Sherwin-Williams Paint Store. Allen Rosenberg’s Alrose Group, the building’s sponsor, sold the commercial space in 2013 for $9 million.

5.) In the East Village, Alex Barrett’s Barrett Design and Development picked up a development site at 3 East 3rd Street for $11.5 million. The 3,000-square-foot building was last used as short-term rental for students and interns, but was delivered vacant to the new owner. Barrett has already laid out plans to redevelop the site. Earlier this month, Barrett submitted plans for a new seven-story, five-unit building, which will have a mix of full-floor apartments, a duplex and retail space on the ground floor.

6.) A vacant NoMad lot zoned for residential at 7 East 30th Street sold for $10 million. Castellan Real Estate Partners purchased the property from Manhattan Properties Company, which has owned the site since 1970. Castellan already owns the adjacent property at 9 East 30th Street Street and is planning a 21-story affordable housing building on the site. With only 18,200 buildable square feet at 7 East 30th Street, any new building on the site will be slightly smaller than the 21,000-square-foot structure rising next door.

(Source: ACRIS data for closed sales between Sept. 19-25, and Reonomy data)


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