The Real Deal New York

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

Premier buys West Chelsea retail for $11M, Fortress picks up 3 Chase locations for $21M
By Chava Gourarie | January 10, 2017 03:50PM

Clockwise: 1002 Brighton Beach Boulevard, 41-43 Division Street in Chinatown, Uzi Ben-Abraham, and 507 West 24th Street in West Chelsea

In the world of mid-market New York City investment sales last week, Premier Equities snagged a retail space under the High Line for $10.7 million and Chase Bank sold three more locations.

1.) Premier Equities TRData LogoTINY scooped up a retail condominium unit under the High Line on West 24th Street for $10.7 million from SR Capital. The 7,200-square-foot property at 507 West 24th Street, with 3,900 square feet of ground-floor retail space, was on the market in 2015 for $16 million. It is currently home to the Marianne Boesky Gallery, and was a temporary home for Lisa Spellman’s 303 Gallery, which moved several blocks to the Norman Foster-designed high-rise at 551 West 21st Street in May. Premier Equities, an aggressive retail-focused player in Manhattan, recently bought a retail condo on the Lower East Side for $5.5 million and three NoMad buildings for just over $20 million.

2.) Fortress Investment Group bought three Chase Bank retail locations in Brooklyn, including two in Coney Island, in multiple deals totaling $21 million. The locations include a one-story, 16,603-square-foot building in Brighton Beach, at 1002 Brighton Beach Avenue, with a price tag of $11.4 million. The other two properties are a four-story, 23,000-square-foot building in Coney Island, at 2909 West 17th Street for $3.8 million and a four-unit building in Williamsburg, at 819 Grand Street for $5.9 million. Last month, Chase sold three Manhattan locations to Natural Habitat Realty for $17.4 million.

3.) Continental Equities bought a seven-story commercial building in Chinatown for $15.5 million. The seller is the Lam Group, which bought the loft-style building at 41-43 Division Street in 2014 for $11.5 million. Last week, Continental, which is led by Jangana siblings Jack Jangana and Jenny Haim, sold a 25 percent stake in a six-story, 32,214-square-foot building at 174 Mott Street.


(Source: ACRIS data for closed sales between Jan. 2-8 and Reonomy data)