In the world of mid-market New York City investment sales last week, Jemstone Group bought a retail building in the Bronx’s University Heights neighborhood, and Vito Sacchetti unloaded an Upper East Side rental property at a loss.
1.) Jemstone Group bought a three-story commercial building in University Heights for $16.3 million. The seller, Marco Gueli, bought the corner building at 1-7 West Burnside Avenue, at the corner of Jerome Avenue, in 1994. Tenants at the 25,425-square-foot property include a Chase bank, Good Shepherd Services, and Jackson Hewitt. It was listed for $22 million by Citicore last year. Jemstone, led by Joseph and Sam Jemal, focuses on retail properties primarily in New Jersey, and owns several properties in Manhattan Including 62 East 34th Street.
2.) Al Laboz’s United American Land bought an eight-unit rental building in Tribeca for $15 million. The 1920s-era building at 85 Chambers Street extends through the block, with an alternate address at 67 Reade Street. The seller, Forest Equities Inc., bought the five-story, 19,000-square-foot property in 1998.
3.) Vito Sacchetti sold an Upper East Side apartment building at a loss. Sacchetti bought the 27-unit building at 225 East 82nd Street for $11.8 million in 2016, and sold it for $11.3 million. The six-story elevator building spans nearly 12,000 square feet and holds mostly market-rate apartments. The buyers are two LLCs, signed for by Shapour Sohayegh and David Graber. Sacchetti, through VTS Properties, owns more than two-dozen multifamily buildings throughout Manhattan and the Bronx.
4.) Heights Advisors appears to have replaced Second Development Services as the lead developer of 88 Schermerhorn Street, where plans for a 27-story condominium building had stalled. SDS paid $11 million for the four-story walk-up at the site in 2014 and filed for DOB permits in 2015. Heights Advisors paid $10.5 million to Rockwood Capital, and a $500,000 loan to SDS, but it appears they had been involved since at least February 2016, when the project was listed on their website. The property was to be delivered vacant, with the development plans ready to proceed.