Here’s what the $20M-$30M NYC investment sales market looked like last week

A church in Rego Park sold vacant land for $30M

TRD NEW YORK /
Feb.February 12, 2019 02:01 PM

156-8 West 48th Street and 98-04 63rd Road in Queens (Credit: Google Maps)

In New York City’s $20 million to $30 million investment sales market last week, developers snapped up vacant land in Rego Park and Midtown. Here are the details, which were made publicly available last week.

1. The Roman Catholic Church of Our Lady of the Angelus sold vacant land at 98-04 63rd Road in Queen’s Rego Park neighborhood for $30 million, according to property records filed with the New York City Department of Finance. The deal also transferred the site’s development rights to the buyer, an entity tied to Shun Qian Liu. Plans haven’t been filed yet for the site. CBRE’s Dan Kaplan and Tim Sheehan brokered the deal on behalf of the church.

2. Rockefeller Group picked up vacant land at 156 West 48th Street in Midtown, after holding a long-term lease on the property, for about $24.3 million, property records show. The seller was Ian Goldrich, grandson of the founder of instrument store Manny’s Music, which used to sit on the site and was sold to Sam Ash Music. Rockefeller owns much of the block, once known as Music Row.

3. David Zaken, president of the David Z shoe chain, sold a 28,000-square-foot commercial and retail building at 384 Fifth Avenue in Midtown South for $23.5 million, said Elad Dror, president of PD Properties LLC. Dror and Tony Park represented the buyer, Korean investor Jinduck Seo, in the deal, which prices out to $840 per square foot. The building also has 25,700 square feet of air rights, Dror said. Ryan Sabet of Venture Capital Properties represented Zaken.


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