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

Spiritual group sells LIC commercial building for $26M
By Mary Diduch |
Research by Nicholas Severin
June 24, 2019 04:05PM

11-40 45th Road in Long Island City and 106-108 Bayard Street (Credit: Google Maps)

11-40 45th Road in Long Island City and 106-108 Bayard Street (Credit: Google Maps)

Here are the details on New York’s investment deals that traded within the $20 million to $30 million range, according to property records filed last week with the city’s Department of Finance.

1.) The Radha Soami Society Beas-America parted with 11-40 45th Road in Long Island City — a two-story commercial building — for just over $26 million. The site, which has an alternate address of 11-36 46th Avenue, is a study center for the spiritual organization.

The property is zoned for residential and can be developed into as much as 124,200 square feet under inclusionary housing, which would bring the purchase price to roughly $210 per buildable square foot.

The buyer was an entity linked to Century Development Group’s George Xu. Bank Hapoalim loaned $14.3 million and the Radha Soami Society loaned back an additional $8 million.

2.) In Chinatown, 106-108 Bayard Street, a seven-story-tall mixed-use building, is off the market for $20.15 million. The seller was an entity with Alan Luke as president, and the purchaser was 75 Baxter Owner LLC. The building sits at the corner of Baxter Street and has 48 apartments. KeyBank provided a $13.9 million loan for the deal. Other Alan Luke-linked properties that recently sold are a 16-unit mixed-use building in Soho and a six-story walkup at 122-124 Ludlow Street.