The Real Deal New York

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

A Nolita retail condo sells for $14M
By Mary Diduch | December 19, 2018 04:30PM

Nolita’s 262 Mott Street

In the world of mid-market New York City investment sales last week, a Nolita retail condo sold for $14 million and a parking facility in Hell’s Kitchen traded for $18.4 million.

1.) Madison Development sold a retail condo at 262 Mott Street for $14 million to a private investment group. The 5,831-square-foot ground-floor Nolita condo, located in a former armory, is comprised of five fully-leased individual units. The property features 120 feet of frontage on Mott Street.

2.) In Hell’s Kitchen, John Young’s Emmut Properties picked up a two-story parking garage for $18.4 million, according to a city filing recorded last week. The seller appears to be Auto Care East, under the entity 419 West 45th Street LLC. Auto Care East has an auto body and repair shop and two other parking garages in Manhattan. Emmut and a neighboring property owner recently sold what will be the site of a Lower East Side Moxy Hotel to the Lightstone Group for $56.5 million.

3.) Slate Property Group bought a six-story East Village mixed-use building for $17.3 million, according to a city filing recorded last week. The seller of the walk-up, at 632 East 11th Street, was 634 East 11th St. Corp. The building was built in 1900 and has 33 residential units and two retail units.

4.) Sterling National Bank sold one of their buildings at 72-35 Broadway in Jackson Heights to Da Bronx LLC for $14 million, according to a city filing last week. The buying entity lists Mohammed A. Malik as its member.