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Commercial
New York

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

Premier sells Noho retail unit, ASRR Capital buys out Suzer Group

From left: 682 Broadway, Uzi Ben-Abraham (credit: Getty Images) and 2450 Ocean Avenue
From left: 682 Broadway, Uzi Ben-Abraham (credit: Getty Images) and 2450 Ocean Avenue

In the world of mid-market New York City investment sales this week, Premier Equities sold a retail co-op for $10 million, ASRR Capital took full control of A Luxury Residential Project On Madison Avenue, and a buyer bought a bulk condo package at Naftali Group’s West Village condo conversion.

1.) Premier Equities sold a retail co-op unit at 682 Broadway in Noho for $10 million to Ascot Properties. The 1,000-square-foot ground-floor space is at the corner of Broadway and Great Jones Street. Premier Equities, led by Uzi Ben-Abraham and Yaron Jacobi, has teamed up with Joseph Sitt’s Thor equities to build a 100,000-square-foot condo tower on the Upper East Side. RFK represented Premier, while Marshall Real Estate represented Ascot.

2.) Alex Sapir and Rotem Rosen’s ASRR Capital is buying out its partner in a proposed 10-story luxury building on the site of a Madison Avenue townhouse. ASRR and Turkish conglomerate the Suzer Group bought a townhouse at 218 Madison Avenue in 2015 for $18.5 million with plans to build a luxury residential project on the site. Now, the Israel-based ASSR, whose principals also run the Sapir Organization, is paying Suzer $10.1 million for its 50 percent stake.

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3.) The St. Edmunds Catholic Church on Ocean Avenue in Brooklyn sold for $10.1 million. The deal includes three parcels, the 6,200-square-foot church at 2450 Ocean Avenue and two adjacent buildings. The buyer is a Brooklyn-based entity managed by Eddie Yair, with an address at Eran A. Birnbaum Architect. Birnbaum and Yair are working together to develop a 7-story mixed-use building in Sheepshead Bay, Department of Buildings filings show.

4.) Tremada Holdings, LLC bought 14 residential condo units, which are occupied by rent-stabilized tenants, at the Naftali Group’s West Village condo conversion for $10.3 million. The 12-story landmarked building at 275 West 10th Street, named the Shephard, includes 38 units in total, an additional 14 of which are sold, according to StreetEasy. In 2015, Tremada Holdings paid $55 million for 44 condo units at the 15-story condo building at 845 West End Avenue at 101st Street. A Santa Ana-based lawyer, Babak Sotoodeh, is listed as a manager of Tremada on the property records.

https://therealdeal.com/2015/11/17/atlas-sterling-sells-44-unit-bulk-condo-package-for-55-5m/

(Source: ACRIS data for closed sales between Feb. 27 and Mar. 5)

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Commercial Real EstateInvestment Sales