The Real Deal New York

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

Blue Man Group sells East Village studio; American Musical and Dramatic Academy buys in Hell's Kitchen
By Christian Bautista | April 30, 2018 03:10PM

238 East 3rd Street. Photo Credit: Wikimedia Commons

In the world of mid-market New York City investment sales last week, The Blue Man Group sold its East Village studio and the American Musical and Dramatic Academy bought a Hell’s Kitchen commercial condo.

1.) The Blue Man Group sold its production studio in the East Village to Craftwood Partners for $12 million. The property, at 238-240 East 3rd Street, offers 21,004 buildable square feet. Craftwood plans to demolish the vacant site and build a condominium tower with a mix of two- and three-bedroom units. The Nassimi Group represented the buyer while Cushman and Wakefield represented the seller. The Blue School, a private school founded by members of the Blue Man Group, sold its location at 241 Water Street in Lower Manhattan last December.

2.) Theatrical licensing agency Music Theatre International sold a commercial condo in Hell’s Kitchen to performing arts school American Musical and Dramatic Academy. The unit, located at the HIT Factory building at 421 West 54th Street, was sold for $15.8 million. AMDA’s locations in New York City include its main campus at 211 West 61st Street and its performance space at the Ansonia at 73rd Street and Broadway.

3.) Industrial lubricant manufacturer Black Bear Company sold its Long Island City location for $12 million. The property, at 27-10 Hunters Point Avenue near the Long Island Expressway, is a two-story building that spans about 33,300 square feet. The buyer is New Jersey-based Hunters Point Holdings SG LLC, which is controlled by David Friedman.

4.) Buchbinder and Warren Realty Group bought 245 East 55th Street, a four-story mixed-use property in Sutton Place, for $19.5 million. The building contains 12 apartments and a commercial space occupied by American craft beer joint Draught 55. The seller is Florida firm Aintree Realty, which has owned the building since the late 1960s.