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

Pan Brothers buys in Chelsea, Time Equities sells in Koreatown

TRD New York /
Oct.October 30, 2017 05:35 PM

In the world of mid-market New York City investment sales last week, the International Cinematographers Guild bought an office in Koreatown and Pan Brothers Associates closed on a parcel for a Chelsea development.

1.) The International Cinematographers Guild bought a commercial condominium at a Koreatown office building for $10.8 million. The unit, on the ninth floor of Time Equities’ 16-story building at 70 West 36th Street. The 128,315-square-foot building was built in 1924 and was converted to condos in 2009. The guild, with headquarters in Los Angeles, has a regional office at 80 Eighth Avenue in Tribeca. Denham Wolf Real Estate Services brokered the deal.

2.) Pan Brothers Associates bought a three-story loft building at 130 West 23rd Street in Chelsea for $15.4 million. In 2014, Pan Brothers bought an adjacent parcel, at 128 West 23rd Street, for $4 million, and plan to build a 33-unit condo on the site, according to Department of Buildings permits. The adjacent three-story structures, spanning a combined 14,363 square feet, are scheduled for demolition. The seller, Dong Hee Kwon, has owned the building since 1986.

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