Midwood picks up a pair of Chelsea buildings

Seller Renatus Group bought mixed-use properties last year for $10.5M

New York /
Oct.October 13, 2017 11:50 AM

John Usdan’s Midwood Investment and Development picked up a pair of mixed-use Chelsea buildings for $23.4 million.

The Park Avenue-based firm bought the properties at 152 and 154 Seventh Avenue at the corner of 19th Street from the Renatus Group, property records filed with the city Friday show.

Representatives for Renatus did not respond to a request for comment, and a spokesperson for Midwood declined to comment.

Renatus bought the properties for $10.5 million last year from longtime owner Michael Connolly.

Broker Matthew Marshall of Marshall Real Estate, who represented Renatus in the sale, said the investor made a number of improvements to the properties, including gut renovating a number of apartments and converting them from rent-stabilized to market rate.

Renatus renewed retail tenant Peter McManus – one of the oldest family owned bars in the city – to a 10 year lease and re-tenanted two other retail spaces. The properties come with about 14,000 square feet of air rights, which he said Midwood could monetize down the line if they choose to redevelop the properties in the future.

“Midwood’s purchased what’s basically a stabilized asset that has the future potential for possible development down the road,” he said.

Brooklyn investor Joseph Brunner, who had been rumored to be connected to Renatus, appears as the signatory for the seller in property records.


Related Articles

arrow_forward_ios
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
Tax bills show how much Covid devalued NYC real estate
Tax bills show how much Covid devalued NYC real estate
Richard Segal of Seavest Investment Group, David Marx of Marx Development Group and 902 Quentin Road in Brooklyn (Photos via Seavest Investment Group, Marx Development Group and VRMNY)
Westchester firm buys $54M Brooklyn medical building
Westchester firm buys $54M Brooklyn medical building
Real Estate EFTs See Investment Amid Pandemic Recovery
Why investors are rushing into real estate ETFs
Why investors are rushing into real estate ETFs
Manhattan sublease surge shows signs of slowing
Manhattan sublease scourge finally abates
Manhattan sublease scourge finally abates
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
Distressed real estate investors are digging through commercial mortgage-backed securities to seize, fix and flip troubled properties. (iStock)
Distressed investors tap throwback strategy, target CMBS
Distressed investors tap throwback strategy, target CMBS
President Joe Biden (Getty, iStock)
What Joe Biden’s infrastructure plan holds for real estate
What Joe Biden’s infrastructure plan holds for real estate
arrow_forward_ios

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

Loading...