The Real Deal New York

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

Durst buys Harlem building near dev site, Hyde adds Bronx location
By Christian Bautista | January 15, 2018 04:30PM

1815 Park Avenue, 2211 Third Avenue and 830 Hunts Point Avenue (Credit: HAP/Karl Fischer and Google Maps)

In the world of mid-market New York City investment sales last week, Durst bought a four-story resi building in Harlem and Super Fi Emporium acquired a commercial condominium unit.

1.) The Durst Organization bought 1815 Park Avenue, a four-story residential building in East Harlem for $17 million. The seller is Joel Schreiber’s Waterbridge Capital, which acquired the property as part of a three-building assemblage in 2013. Waterbridge previously announced plans to build a 210,220-square foot retail center with condominiums at the site. Durst owns the site across the street at 1800 Park Avenue. The firm has yet to file plans for the site at 1800 Park Avenue. However, Douglas Durst told the New York Post that the property will have a “significant amount of affordable housing.”

2.) Hyde Leadership Charter School bought its Hunts Point location for $15.3 million. The property, at 830 Hunts Point Avenue, is a three-story building between Lafayette Avenue and Gilbert Place. Hyde, which claims to be the only K-12 prep school in the neighborhood, moved into the location in 2011. At the time, the property was the first high school to be built in the area in more than three decades. The seller is Civic Builders, an organization that builds charter schools in underserved areas.

3.) Supermarket operator Super Fi Emporium bought a commercial condo unit at HAP Investments’ 2211 Third Avenue for $10 million. The building is a 108-unit Harlem rental building designed by Karl Fischer Architects. HAP Investments bought the property, along with the nearby 214-216 East 121st Street, for $13 million in 2014. Super Fi Emporium is currently located at 1635 Lexington Avenue.

4.) Heller Realty sold a six-story, 49-unit residential building in Flushing for $12.6 million. The property, at 144-03 Barclay Avenue, contains seven studios, 35 one-bedrooms, six two-bedrooms and a super’s apartment. All of the units rent-stabilized except for three rent-controlled units. The seller is Polo 2 LLC, which is controlled by Adam Pokrzywa.