The Real Deal New York

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

KLM buys retail in Tribeca, Crown buys in Washington Heights
By Chava Gourarie | May 22, 2017 06:12PM

In the world of mid-market New York City investment sales last week, Treetop Development sold three Hamilton Heights rentals for $14 million and Crown Acquisitions bought a five-story walk-up in Washington Heights.

1.) Castellan Real Estate Partners picked up a five-story mixed-use building in Tribeca for $10.75 million. The six-unit building at 90 Chambers Street includes five residential units, including three full-floor units, and a ground-floor retail space currently leased to Japanese restaurant Kaede. The seller, Tissa Managment, bought the building for $8.5 million in 2014. The 8,850-square-foot property comes with 5,230 square feet of air rights.

2.) Also in Tribeca, KLM Equities bought two retail units at 415 Greenwich Street from Ashkenazy Acquisition Corporation for $11.5 million. The two units are on the ground-floor of the eight-story condominium building and are leased to Juice Press and FlyWheel through 2023. The combined square footage for the two units is 4,971 and combined NOI was $416,000 in 2016.

3.) Joseph and Vanessa Gad, a jeweler and realtor, picked up two commercial units at Park Avenue Court in Carnegie Hill for $10.2 million. The two units at 120 East 187th Street were embroiled in a lawsuit over a $37 million judgement issued by a Moscow court. The St. Petersburg-based VTB Bank had sued the seller, Igor Mavlyanov, in an effort to claim his New York assets to satisfy the judgment. The units span a combined 2,653 square feet.

4.) New Jersey-based Treetop Development sold off three contiguous apartment buildings in Hamilton Heights to AV Properties. The three buildings at 1883 to 1885 Amsterdam Avenue, between West 153rd and 154th streets, each have 20 residential units, all of which are rent-stabilized. The buildings sold at $700,000 a unit, or $14 million in total. Treetop paid $10.2 million for the building in 2014.

5.) Crown Acquisitions bought a five-story walk-up in Washington Heights from JPMorgan Chase for $12.2 million. The 14-unit building at 601 West 181st Street has two commercial units and spans 25,260 square feet. The price works out to over $1 million per unit. Crown, led by the Chera family, is a major developer of retail and office units throughout the city and recently secured $1 billion to refinance the Olympic Tower in Midtown.

6.) Andy Chau’s Wing Fung Home Realty bought a seven-story mixed-use building in Woodside. The Elmhurst-based company paid $14.5 million for the 30-unit building at 6401 Woodside Avenue, which includes three commercial units.

(Source: ACRIS data for closed sales between May. 15-21, and Reonomy data)