The Real Deal New York

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

Spruce Capital buys on UES, Icon Realty in Greenwich Village
By Christian Bautista | November 30, 2017 08:30AM

From left: 323 East 79th Street and 558 Parkside

In the world of mid-market New York City investment sales last week, Spruce Capital bought an office building in the Upper East Side and Icon Realty picked up a six-story residential property in Greenwich Village.

1.) In the Upper East Side, the First Hungarian Literary Society of New York sold a four-story office building for $12.75 million. The property, at 323 East 79th Street, is an 8,084-square-foot building between First and Second Avenue. It contains three office units. The retail space in the property is occupied by French restaurant Quatorze Bis. The buyer is real estate investment firm Spruce Capital Partners. The firm recently won a ruling in its bid to gain ownership of luxury condo development 111 West 57th Street in Midtown. The sale closed November 15 and was recorded on November 20.

2.) Icon Realty Management bought a six-story residential building in Greenwich Village for $17.5 million. The property at 199-201 West 10th Street contains 26 residential units. The seller was the Ragone family, which owned the building since the 1980s. The sale closed on October 30, and was recorded November 20.

3.) Shamco Management sold two four-story buildings in Prospect Lefferts Gardens for $14.6 million. The properties, at 558 and 566 Parkside Avenue, contain 59 units in total. The larger property, 558 Parkside, is a 29,600-square-foot building with 32 apartments. The 566 Parkside portion contains 28,000 square feet and 27 units. The buyer is 558-566 Parkside LLC. The sale closed on November 14, and was recorded on November 21.

4.) Heritage Realty picked up four residential properties in Inwood and Kew Gardens in separate transactions. The properties, with the addresses 119-20 Union Turnpike (Kew Gardens), 603 Academy Street (Inwood), 40 Arden Street (Inwood) and 65 Seaman Avenue (Inwood), were acquired for prices ranging from $12 million to $16 million each. The seller was Donald Agababian. The sales closed on November 9 and were recorded on November 22.