The Real Deal New York

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

The King's College buys Downtown hotel, Turtle Bay Music School moving south
By Christian Bautista | June 25, 2018 03:00PM

102 Greenwich Street (Credit: Agorafy)

In the world of mid-market New York City investment sales last week, the King’s College bought the Riff Downtown Hotel and the Turtle Bay Music School bought two commercial condominium units at the Corinthian.

1.) The King’s College bought the Riff Downtown Hotel in the Financial District for $19.2 million, or $1,129 per square foot. The property, located at 102 Greenwich Street, is a 17,000-square foot, 36-key hotel just one block south of the World Trade Center. The King’s College plans to convert the property into a dormitory. The seller is Salt Equities, which bought the building for $6 million in 2012. Cushman & Wakefield‘s Will Suarez, Maurice Suede, Andy Posil and Sean Rucker represented Salt Equities.

2.) The Turtle Bay Music School is moving south after selling its Midtown location. The school bought two commercial condo units at the Corinthian at 345 East 37th Street for $14.2 million. The seller is 60 Guilders, which partnered with the Carlyle Group to buy the medical office condo in 2011. The partners later divided the condo into 32 units. The school recently sold 242 East 52nd Street, where it operated for more than eight decades, to Israeli firm Minrav Holdings.

3.) Fisher Associates sold a pair of five-story residential buildings in Washington Heights for $14.5 million. The properties, at 574-576 and 580 West 176th Street, contain 30 apartments each. The buyer is investment firm Aulder Capital, which is financing the acquisition with an $8.5 million loan from Dime Community Bank.