The Real Deal New York

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

Peter Fine strikes Jerome Avenue deal after rezoning, Greystone sells Brooklyn Lyceum
By Christian Bautista | May 14, 2018 03:30PM

Peter Fine and 1331 Jerome Avenue

In the world of mid-market New York City investment sales last week, developer Peter Fine closed the first deal in the wake of the Bronx’s Jerome Avenue rezoning and Greytone Development sold the Brooklyn Lyceum in Park Slope.

1.) Developer Peter Fine acquired a 25,000-square-foot lot at 1331 Jerome Avenue, marking the first time that a property has traded in the area since it was approved for rezoning. Fine, who paid $11.1 million for the lot, plans to build a 195,000-square-foot mixed-use building with apartments and a ground-floor retail space. The seller is beer distributor Drinks Galore. Concourse Realty’s David Simone and David Kalish and Cushman & Wakefield’s John Ciraulo represented Drinks Galore.

2.) Greystone Development sold the Brooklyn Lyceum in Park Slope to an unnamed buyer for $10 million. The landmarked Brooklyn bathhouse, located at 227 Fourth Avenue, was first built in 1910 as the Public Bath No. 7. After preserving the neo-classical structure with the help of Daniel Goldner Architects and Walter B. Melvin Architects, Greystone converted the property into a Blink Fitness location. Terra CRG’s Ofer Cohen represented Greystone. The buyer, meanwhile, was represented by Sterling Project Development’s Brian Flanagan.

3.) Israeli firm Corner Realty Group is in contract to buy 11 Hubert Street, a three-story commercial building in Tribeca, for $19.2 million. The current structure on the site contains two apartments and four commercial units, according to city data. Corner Realty plans to convert the property to a condo building with five units. The sellout for the development is projected at $45 million.

4.) The Weirfield Coal Company sold a one-story industrial building in Ridgewood for $12.5 million. The 6,900-square-foot property, at 10-51 Irving Avenue, is currently home to construction materials seller Forest Building Supply. The buyer is Messing Irving Realty, LLC, which is controlled by Bernd Messing.