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

Somerset snags $17M Mott Haven warehouse, Rybak buys Williamsburg lot for $12M

TRD New York /
Jan.January 16, 2017 04:50 PM

UPDATED, Jan. 17, 10:04 a.m.: In the world of mid-market New York City investment sales last week, Somerset Partners added to its Mott Haven megaproject with a $17 million warehouse purchase and Rybak Development picked up a vacant Williamsburg lot for $11.5 million.

1.) Keith Rubenstein’s Somerset Partners and partner Giddings IV picked up a five-story industrial building and an adjacent parcel in Mott Haven along the Harlem River for $17 million. The two parcels are part of a proposed 1,600-unit development on a five-acre site just across the Third Avenue bridge, which Somerset is partnering with Chetrit Group TRData LogoTINY to develop. Chetrit owns two large warehouse lots on either side of the bridge, at 101 Lincoln Avenue and 2401 Third Avenue, that together span 200,000 square feet. Somerset’s purchase includes a 39,426-square-foot warehouse at 2413 Third Avenue and a 3,030-square foot parking lot along East 134th Street.

2.) Rybak Development bought a vacant Williamsburg lot for $11.5 million from Caro Enterprises. The 12,500-square-foot corner lot at 88-94 Withers Street is the site of a former Paramount Studios warehouse on the corner of Withers and Leonard Street. In 2014, Caro, which picked up the property for $8.6 million, filed plans to build a nine-story residential building on the site, and permit filings indicate that the Brooklyn-based Rybak plans to follow through with a version of those plans.

3.) A century-old pawn shop in Kips Bay sold for $15 million to Stefano Farsura of SF Capital Partners. The seller, Eric Modell, is the heir to Modell Pawn, which has been around since 1893 and moved to the Kips Bay location in 1993. In August, Farsura filed plans to replace the three-story office building at 139 East 23rd Street with a 15-story residential building, and filed demolition plans last week. Farsura also does business under the name, the Colonnade Group.

(Source: ACRIS data for closed sales between Jan. 9-15 and Reonomy data)

Correction: an earlier version of this post included a wrong address in the image caption.

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