The Real Deal New York

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

Vornado buys 148 Duane and JEMB picks up BK church parking lot
By Chava Gourarie | April 25, 2017 05:00PM

From left:72 Caton Place, JEMB’s Morris and Louis Jerome and 148 Duane Street

In the world of mid-market New York City investment sales last week, Vornado Realty Trust picked up a Tribeca building for $19 million and JEMB Realty bought a church parking lot in Brooklyn where a 100,000-square-foot rental building had been planned.

1.) Vornado bought a five-story property in Tribeca from Summit Equities for $19 million. The building at 148 Duane Street is divided into three commercial condominiums, with residential, retail, and cellar components that together span 20,061 square feet. The residential space takes up 13,700 square feet on floors two through five and the retail condo spans 3,972 square feet. According to a second condo offering plan for the property from 2015, the building was slated to be converted to four full-floor residential condos and one commercial condo.

2.) JEMB bought a church parking lot in Brooklyn from Cavalry Cathedral, where there had been plans to build a $126 million rental building. JEMB paid $15.2 million for the lot at 72 Caton Place at the corner of Coney Island Avenue. In 2015, there had been reports that Suzuki Capital had partnered with the church to build a 100,000-square-foot rental building on the property, to be integrated with the two-story church next door at 58 Caton Place. No plans have been filed for the property with the Department of Buildings.

3.) A 20,000-square-foot warehouse in the Bronx sold for $11.2 million. The one-story industrial building at 905 Brush Avenue in Throggs Neck was home to the bus company Total Transportation Corporation. The buyer is Brush Realty LLC.