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

Two Trees buys East W'burg warehouse, Sterling buys new dev in Boerum Hill

New York /
Aug.August 08, 2017 03:30 PM

In the world of mid-market New York City investment sales last week, Two Trees Management TRData LogoTINY 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)


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish mall valued at $1B in deal with Qatar

Turkish mall valued at $1B in deal with Qatar
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...