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

HAP completes Chelsea assemblage; UWS Saks mansion sells for $12M

TRD New York /
Feb.February 13, 2017 03:05 PM

Rendering of 215-227 West 28th Street, Eran Polack and 2840 Atlantic Avenue

In the world of mid-market New York City investment sales last week, HAP Investments completed their West 28th Street assemblage with the purchase of a six-story tenement and Sugar Hill Capital Partners sold off four Brooklyn walk-ups.

1.) Eran Polack’s HAP Investments paid $11 million for a six-story walk-up that split the firm’s West 28th Street development in two. HAP planned to build two 21-story residential buildings on either side of the 22-unit building at 221 West 28th Street — 112 units at 215-219 West 28th Street and 114 units at 223-227 West 28th Street. Designs for the 375,000-square-foot project show that the building to the right of the tenement would have extend over it to share a wall with the building on the left, thus encasing the walk-up between them. HAP has filed for demolition of the walk-up.

2.) An Upper West Side townhouse, once home to Joseph Saks of Saks Fifth Avenue fame, sold for $11.7 million. The five-story Neo-Renaissance home at 14 West 86th Street, was originally built by the Gardiner family in 1912, before passing it onto the department store dynasty. In 1948, the 11,500-square-foot home was converted to nine apartments, and remains a multifamily property today. Jill Sloane of Halstead Property had the listing.

3.) Industrial real estate investment firm Prologis paid $17.5 million for the second of two condominiums that comprise a 193,741-square-foot industrial building in Soundview. Prologis purchased the other condo at 1055 Bronx River Avenue for $11.5 million last week, paying a total of $28.3 million for the block-long building. The one-story warehouse was the headquarters of ABC Carpet & Home and the sellers were affiliated with the company.

4.) Sugar Hill Capital Partners sold off four eight-unit buildings in Bedford-Stuyvesant for $10.2 million to Witnick Real Estate Partners. The four contiguous four-story buildings from 242 to 248 Bainbridge Street span a combined 29,200 square feet. Sugar Hill paid $7.8 million for the buildings in 2014 in two separate deals.

5.) Illinois-based LSC Development bought a dairy factory and two adjacent parcels in East New York for $11 million. The site includes a 76,400-square-foot industrial building at 2840 Atlantic Avenue,Which Stretches From Schenck Avenue to Barbey Street. The two attached vacant lots behind the building span a combined 12,500 square feet, with frontage on Schenck Avenue and Barbey Street. The three-story factory, built in 1914, was occupied by Borden’s Milk Company for a time, and has not been renovated since 1952.

(Source: ACRIS data for closed sales between Feb. 6 – 12, and Reonomy data)

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