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

Williamsburg development site sells for the third time in less than two years; Forest City Ratner buys 10-unit EV rental building

TRD NEW YORK /
Nov.November 07, 2016 05:23 PM

UPDATED: Nov. 7 at 8:49 p.m.1.) The owners of Farrell’s Limousine sold its five-story garage and office building on the Upper East Side for $17.1 million. An entity registered to Lori Carucci is the new owner. The building at 427 East 90th Street holds three units totaling 28,700 square feet, including a 8,700-square-foot garage on the ground floor. A new residential building with up to 30,300 square feet can be built on the site.

2.) A 52,000-square-foot office building and gallery at 201 46th Street in Sunset Park traded hands for $15.5 million. An entity listed as 201 46 Liberty LLC and registered to Xiang Yu Cao of Brooklyn is the buyer. The five-story converted warehouse is home to the NARS Foundation’s headquarters and features a range of studio space offered by the nonprofit organization. Deborah Gindi, Esther Saada and Joseph Cohen are the sellers.

3.) Westbury-N.Y. based Piermont Properties purchased a 30,000-square-foot retail building at 2343 Utica Avenue for $14.5 million, Petco and Popeyes occupy the single-story building in the Flatlands neighborhood. Sellers Steve Goldfarb, Seymour Hurwitz and Allen Rosenberg took in more than $750,000 in gross revenue from the tenants last year. They paid $3.8 million for the building in 2003.

4.) A development site at 100 Union Avenue in Williamsburg traded hands for the third time in less than two years. Slate Property Group TRData LogoTINY first acquired the 2,000-square-foot garage in April 2015 for $5.8 million, along with a neighboring parcel at 120 Union Avenue where the developer is planning a new 96-unit residential building. But Slate sold the garage just five months later to Eric Moran’s RD Management for $7 million. RD Management recently sold the property, which can hold up to 31,698 buildable square feet of residential space, to Brooklyn-based Carnegie Management for $10.5 million.

5.) A buyer under the name 530 E 5th Street LLC scooped up a 10-unit multifamily building at 532 East 5th Street in the East Village for $10.4 million. Rents in the six-story building range from $3,950 for a one-bedroom apartment to $8,900 for a three bedroom. Although a Cushman & Wakefield listing for the property states the building could be an “immediate condo conversion,” it’s not clear what plans thew new owner has in store for it. The building was constructed in 2013 by Jackobson Properties.

(Source: ACRIS data for closed sales between Oct. 31-Nov. 6, and Reonomy data)

Correction: A former version of this story incorrectly identified Forest City Rather Companies as the buyer of 530 East 5th Street in the East Village. The building was not purchased on behalf of the developer.


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