Midwood picks up a pair of Chelsea buildings

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

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

Midwood’s John Usdan and 152-154 Seventh Avenue (Credit: The Renatus Group)

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 Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
From left: Onay Payne, Jim Simmons, Margaret Anadu and Tammy Jones (Payne by Emily Assiran)

‘Your pedigree is always questioned’: Black real estate execs push for change

‘Your pedigree is always questioned’: Black real estate execs push for change
McDonald’s on 220 West 42nd Street (Getty, iStock)

McDonald’s closes Times Square flagship

McDonald’s closes Times Square flagship
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
Valentino store on Fifth Avenue and Valentino CEO Jacopo Venturini (Valentino, Nick Hunt/Patrick McMullan via Getty Images) 

Valentino sues to quit Fifth Ave — maybe forever

Valentino sues to quit Fifth Ave — maybe forever
Mayor Bill de Blasio (Getty)

Desperate landlord gets de Blasio’s sympathy, not much else

Desperate landlord gets de Blasio’s sympathy, not much else
arrow_forward_ios

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

Loading...