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

Legendary recording studio sells, and ​Michael Ashkenazy invests in the Bronx

New York /
Sep.September 18, 2017 06:34 PM

In the world of mid-market New York City investment sales last week, an iconic recording studio in Hell’s Kitchen sold for $18 million and Michael Ashkenazy teamed up with Booth Capital to buy in the Bronx.

1.) A legendary recording studio in Hell’s Kitchen sold for $18.3 million to Sound Dog Ventures. The four-story building at 441 West 53rd Street was the site of classic recording sessions by the likes of Bob Dylan, Bruce Springsteen, the Kinks, the Clash, John Lennon and Madonna. Now called Avatar Studios, it was formerly called the Power Station, having been built on the site of a Con Edison plant. The owners, Chieko and Kirk Imamura, have owned both Avatar Studios and the 22,500-square-foot property since the 1990s. The buyer is an unknown LLC.

2.) A group of investors, including Michael Ashkenazy and Booth Capital, purchased two adjacent lots in Marble Hill for $14 million. The two lots were bought in separate deals for $7 million each, a 1,125-square-foot post office building at 5517 Broadway and a five-story commercial building at 205 West 30th Street. Michael Ashkenazy’s 101 Holdings has a 28 percent stake; Booth Capital, led by Joshua and Idit Agus, have a 22 percent stake; and Peter Castellana, who owns the Ridgewood-based Western Beef, has 50 percent.

3.) Twining Properties bought a eight-story, mixed-use building in Boerum Hill for $19 million. The 23,000-square-foot building at 309 Atlantic Avenue includes 26 residential units and two commercial units. The seller, Zurich Alternative Asset Management, bought the property for $16.1 million in 2013. Twining is behind a new 27-story residential tower in Long Island City called the Watermark.

4.) A brick warehouse in Gowanus traded hands for $13.5 million. The 10,648-square-foot building at 131 8th Street, which is currently being used as office space, has been in the Gindi family since 1990. The building comes with about 10,400 square feet of development rights. The buyer is Hobart Paving LLC.


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