In the world of mid-market New York City investment sales last week, Two Trees Management picked up two East Williamsburg warehouses slated to be replaced by condominiums, and Sterling Equities bought a newly-completed condo building in Boerum Hill.
1.) Two Trees Management paid $14.5 million for two one-story warehouses in East Williamsburg. In 2015, plans had been filed to demolish the 17,000-square-foot warehouses and replace them with a a 50,000-square-foot residential building. Jeff Moskowitz, the seller, has owned the building located at 172 Montrose between Humboldt Street and Graham Avenue, just off the Montrose L train stop, since the 1970s. The plans for the new building, for which renderings by Samuel Wieder + Associates had been released, were disapproved, and it is unclear what Two Trees has planned for the property.
2.) Sterling Equities bought the commercial condo at the Morris Adjmi-designed condo building in Boerum Hill for $13 million. The 30-unit building at 465 Pacific Street, was developed by Avery Hall, led by Brian Ezra and Avi Fisher, and ARIA Development. The commercial unit, which has frontage along Atlantic Avenue as well as Pacific and Nevin streets, includes two retail units spanning 15,000 square feet.
3.) Adam and Aaron Daniels’ A.D. Real Estate Investors sold a six-story, mixed-use walk-up in Kips Bay for $19 million. The building, at 240 East 28th Street, includes 28 residential units and two ground-floor retail units, one of which is leased to the Green Tea Acupuncture Wellness spa. The walk-up, built in 1920, recently underwent a $1 million renovation. Sal Notaro is the managing member of the entity that bought the property. Meridian Capital Group represented both the buyer and the seller.
4.) Cactus Holdings bought a Staples location in the Bronx for $11 million. The 9,512-square-foot commercial condo is on the ground floor of the seven-story mixed-use building at 2060 White Plains Avenue. The seller, Arker Companies, still owns the residential second condo, which includes 100 rental units, and comprises the rest of the building, known as White Plain Courtyards.
5.) An unknown buyer, under the entity 8802 LLC, bought a Santander Bank location in Bay Ridge for $15 million. The property, at 8802 Eighth Avenue, is comprised of a single-story, 9,150-square-foot retail building and an adjacent 12,450-square-foot parking lot, with at least 34,095 square feet of development rights.
6.) A five-story commercial building on Canal Street traded hands for $10.5 million. A private investor bought the 11,000-square-foot building at 275 Canal Street from Michelle Wexler, whose family had owned the property for two decades. The buyer plans to use the ground-floor for retail and position the four upper floors as office space. Fountain Realty Group represented the buyer and Ruth Katz represented the seller.
(Source: ACRIS data for closed sales between Aug 1-7 and Reonomy data)
(To view more of 2017’s $10M to $20M commercial sales transactions, click here)