The Real Deal New York

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

Urban American picks up Wash. Heights rentals; Chase sells three resi buildings
By Chava Gourarie | December 19, 2016 05:07PM

48 Allen Street, Josh Siegel of Starrett and 175 West 95th Street

In the world of mid-market New York City investment sales last week, a film production company bought a $16 million warehouse in Greenpoint and Premier Equities struck again with a $13 million Upper West Side purchase.

1) Andres Hogg’s Hogg Holdings picked up a six-story, 12,438-square-foot church at 49 Orchard Street on the Lower East Side for $11.4 million. The seller, the Chinese Christian Herald Crusades, was looking to sell it for $15 million in 2013.

2) Premier Equities TRData LogoTINY bought a commercial condominium unit at Starrett Corporation’s 28-story mixed-use building at 175 West 95th Street for $13 million. Starrett converted the 148-unit rental building to condos in 2013. The is Premier’s latest acquisition after the firm recently made deals for three NoMad buildings and a retail condo on the Lower East Side for a total of $26 million.

3) An 84-unit rental building at 515 West 168th Street in Washington Heights sold for $18.2 million. Castellan Real Estate Partners sold the six-story, 40,185-square-foot-building to Urban American Management.

4) In the Bronx, Joel Gluck sold a 11-story, 129-unit building at 1340 Stratford Avenue to the nonprofit Settlement Housing Fund for $14.2 million.

5) Film Production Company Broadway Stages spent $16 million on an 89,300-square-foot warehouse in Greenpoint. The company bought the two-story structure at 306 North Henry Street from Exxon Mobil. Broadway owns several locations throughout Brooklyn and Queens for film shoots, including a 46,080-square-foot industrial site at 37-50 50th Street in Queens’ Sunnyside neighborhood.

6) JPMorgan Chase sold off three residential buildings in Manhattan to Natural Habitat Realty for a total of $17.4 million. The properties include two in Murray Hill, a 12-unit building at 121 East 37th Street and an 11-unit building at 151 East 38th Street, and a third eight-unit building at 148 West 15th Street near the West Village.

(Source: ACRIS data for closed sales between Dec. 12-16, and Reonomy data)