In the world of mid-market New York City investment sales last week, Atalaya Capital Management sold a Gramercy Park development site at a loss and Guardian Realty picked up a school building in East New York.
1.) Chaim Simkowitz’s Guardian Realty bought a public school facility in East New York for $11 million. The city’s Department of Education has been the sole tenant since 1973, when the 42,112-square-foot building was built, and is leased through 2030. Ariel Property Advisors represented both the buyer and seller, a Boca Raton-based LLC associated with the original developer of the property.
2.) Atalaya Capital Management sold a Gramercy Park development site at a loss. Atalaya bought the former 21st Precinct station house at 327 East 22nd Street in May for $14.7 million from Sam Suzuki’s Suzuki Capital. The new buyer, Bin Yu Wang of California, paid $12 million for the site, which Suzuki had planned to convert to condos. Suzuki received approvals from both the DOB and AG, but construction never began. Before Suzuki, the building was owned by the nonprofit Green Chimney and served as housing for LGBTQ residents.