With sights set on Miami, Sapir looks to sell NYC dev site

Company hopes to get $23M for 218 Madison Avenue

TRD New York /
Jun.June 07, 2019 05:32 PM
Alex Sapir and 218 Madison Avenue (Credit: Getty Images)

Alex Sapir and 218 Madison Avenue (Credit: Getty Images)

As Alex Sapir shifts his focus to Miami, his firm is looking to sell a Madison Avenue site.

Sapir Corp. is seeking $23 million for 218 Madison Avenue, according to sources familiar with the deal. A four-story mixed-use building occupies on the property, which is on the corner of East 38th Street.

Alex Sapir and his former partner Rotem Rosen bought it for $18.5 million in 2015 with plans to build a luxury residential building. They paid their partner, a Turkish conglomerate called the Suzer Group, $10.1 million in 2017 for their 50 percent stake in the property.

Marcus and Millichap’s Peter Von Der Ahe and Joe Koicim are marketing the site.

Koicim said Sapir wants to sell the property so that the company can focus more on other developments.

“They’re doing much bigger projects in New York and Miami, so they want to focus their attention there,” he said.

Sapir CEO Baruch Itzhak echoed this point, saying that the firm is focusing on its projects Miami, namely Arte and the massive mixed-use development Miami 18 in the city’s Arts & Entertainment District, and wants to put its resources toward larger-scale developments.

“We’re always active and looking for other opportunities,” he said, “but we are looking for a different scale at this moment.”

Sapir is also trying to sell his five-bedroom apartment at 447 West 18th Street, also known as the Chelsea Modern, for $11.5 million. He bought the unit in 2014 for $9.4 million.

Sapir Corp. reported a roughly $7.2 million loss in the first quarter. Its revenue grew from nearly zero in 2018 to about $6.4 million, largely because the firm bought out partner Gerard Guez’s stake in the NoMo Soho hotel at 9 Crosby Street.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
From left: Rotem Rosen, Zina Sapir, Tamir Sapir, Bella Sapir, Elena Sapir, and Alex Sapir (Credit: Getty Images)

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Gov. Andrew Cuomo (Getty, iStock)

New York lost $755M in real estate tax revenue this year: REBNY

New York lost $755M in real estate tax revenue this year: REBNY
41 Haight Street in Flushing and 1290 Viele Avenue in Bronx (Google Maps; iStock)

Deal for pizza-pan manufacturer rounds out last week’s mid-market sales

Deal for pizza-pan manufacturer rounds out last week’s mid-market sales
Right to left: 831, 835 and 837 Madison Avenue (Google Maps)

Madison Avenue retail buildings sell for record low price

Madison Avenue retail buildings sell for record low price
Milton Glaser and 207 East 32nd Street (Getty, Google Maps)

Milton Glaser’s Kips Bay office townhouse sells to New York Review of Books

Milton Glaser’s Kips Bay office townhouse sells to New York Review of Books
522 Fifth Avenue and 1375 Broadway (Google Maps)

Manhattan CRE deals hit lows not seen since 2009

Manhattan CRE deals hit lows not seen since 2009
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...