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

Soho mixed-use building fetches $15M; West Village site damaged in Sandy sells for $13M

New York /
Nov.November 21, 2016 04:22 PM

1.) A group led by Robert Morgenstern, founder of Morgenstern Capital and formerly of Stone Street Properties, purchased a 24-unit rental building at 629 East 5th Street for $16.2 million. The building’s seller, Luthien Group, attempted to sell the property as early as 2014 for $12.5 million. Luthien has owned the six-story East Village building since 1999. All of the units are market-rate and total gross revenue is close to $650,000 annually.

2.) A mixed-use building adjacent to the Spring Street subway station in Soho sold for $14.5 million. The Laboz family’s United American Land scooped up 65 Spring Street, a five-story walk-up with eight apartments and two commercial units. Jeweler Tierra occupies 1,300 square feet on the ground floor of the building and rents in the building average $5,000 per month for a one-bedroom apartment, according to StreetEasy. Ellsy Losada, who operates the entity ELDCD Development LLC, purchased the building in 1982. HPNY was involved in the deal, sources said.

3.) A vacant lot at 401 West Street in the West Village now has a chance for redevelopment following the demolition of a three-story building  that was damaged on the site in Hurricane Sandy. Athina Kyriacou acquired the property for $12.8 million from former owner Shalom Azani, who blamed the building’s damage developer Witkoff Group for allegedly failing to secure construction barriers at 150 Charles Street, and exposing 401 West Street to flooding, according to Curbed. The building, which offers up to 15,048 buildable square feet, was one of the first to be knocked down after the historic storm. No new building plans for the site have been filed yet. HPNY also was involved in the deal, sources said.

4.) A partnership between RiverOak Investment Corp. and Azimuth Development up the Promise Theater at 316 East 91st Street from the Full Gospel New York Church Assemblies of God for $11.1 million. Several weeks after closing on the deal, the group of developers submitted plans with the Department of Buildings for a new 17-unit mixed-use project to replace the the two-story commercial building, as Crain’s first reported. The new building will span 26,808 square feet and include a daycare set to be occupied by Sunshine Early Learning Center. Women In Need, a non-profit that provides supportive housing for women and children, will lease the apartments.

(Source: ACRIS data for closed sales between Nov. 14-20, and Reonomy data)


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
RJBlock Properties' Rodney "RJ Block" Jackson and 2714-2718 Frederick Douglass Boulevard (RJBlock Properties, Apartments.com, Getty Images)
I-sales roundup: RJ Block buys Harlem mixed-use portfolio
I-sales roundup: RJ Block buys Harlem mixed-use portfolio
Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
Hartz buys Newark Airport hotel for $34M, plans demolition
Hartz buys Newark Airport hotel for $34M, plans demolition
61-01 Springfield Avenue in Bayside with Skyline Properties’ Robert Khodadadian and Daniel Shirazi (Google Maps)
Bayside shopping center goes for $32M to lead mid-market sales
Bayside shopping center goes for $32M to lead mid-market sales
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
Tavros Capital’s Nicholas Silvers and Charney Companies’ Sam Charney in front of 24-05 thru 24-19 Jackson Avenue in Long Island City (Getty Images, Tavros Capital, Charney Companies, Google Maps)
Tavros, Charney plan 55-story rental on long-stalled site
Tavros, Charney plan 55-story rental on long-stalled site
A photo illustration of 450 Park Avenue (left) and 8 Spruce Street (right) (Douglas Elliman, Reading Tom, CC BY 2.0 - via Wikimedia Commons, Getty Images)
CRE investment sales hit $21B in first half of 2022: report
CRE investment sales hit $21B in first half of 2022: report
Brooklyn nursing home tops mid-market investment sales
Brooklyn nursing home tops mid-market investment sales
Brooklyn nursing home tops mid-market investment sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...