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

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.


Related Articles

arrow_forward_ios
Joseph Chetrit, Jordan Slone (Getty, NADLAN)
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
315 West 35th Street with Isaac Chetrit and DJ Dashti (Google Maps, Linkedin, iStock)
Chetrit to open flex-office location near Penn Station
Chetrit to open flex-office location near Penn Station
261 Madison Avenue and 205 East 42nd Street are among the closed locations. (Sapir, Durst, WeWork)
WeWork dumps several Manhattan locations
WeWork dumps several Manhattan locations
From left:  Joseph Chetrit, 404 Fifth Avenue and WeWork CEO Sandeep Mathrani (Photos via Wikipedia Commons; Google Maps)
WeWork battles Chetrit Group over Midtown lease
WeWork battles Chetrit Group over Midtown lease
Joseph Chetrit and 49 Chambers (Getty, 49 Chambers)
Chetrit lands $90M inventory loans for Tribeca condo conversion
Chetrit lands $90M inventory loans for Tribeca condo conversion
Sharif El-Gamal, Joseph Chetrit and 1384 Broadway (Getty; Google Maps)
Chetrit Group sues Sharif El-Gamal for unpaid rent
Chetrit Group sues Sharif El-Gamal for unpaid rent
2870 Ocean Avenue and Isaac Chetrit, and 936 Home Street (Google Maps) 
Chetrit family’s dev site buy tops weekly mid-market sales
Chetrit family’s dev site buy tops weekly mid-market sales
Chetrit Group principal Michael Chetrit and 850 Third Avenue (850thirdavenue, iStock, Discovery Channel)
Chetrit battles Discovery Channel at 850 3rd Avenue
Chetrit battles Discovery Channel at 850 3rd Avenue
arrow_forward_ios

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

Loading...