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

The home of a Nathan’s restaurant sold to the city for $25M

Jul.July 09, 2019 08:30 AM

650 86th Street in Brooklyn and 64 University Place in Manhattan (Credit: Google Maps)

In last week’s mid-market world on New York City investment sales, the city closed on the acquisition of a new school site in Brooklyn and ARGO Real Estate and Bsafal picked up a mixed-use building in Manhattan.

1. A mostly vacant four-story, 25,000-square-foot commercial building at 64 University Place in Manhattan sold for $30 million, or about $1,185 per square foot. The seller was an entity tied to Bernard-Charles Inc., and the buyers were ARGO Real Estate and Bsafal, a subsidiary of Safal Constructions India Private Limited. Avison Young’s James Nelson, Brandon Polakoff, Mitch Levine and Toku Saito represented the seller, who had owned the building for decades, property records show. The buyers were represented by Quantierra’s Ben Carlos Thypin. First Republic Bank provided a $19.8 million mortgage for the latest transaction. Plans for the building have yet to be determined, said Ameesh Agarwal, principal of Bsafal.

2. The New York City School Construction Authority picked up the home of a long-standing Nathan’s restaurant location on 86th Street in Brooklyn for $25 million, property records show. The seller was Efthimios Zisimopoulos, who is also known as Allied Properties’ Tim Ziss and who had bought the site from Nathan’s in the fall for $12.25 million, Brooklyn Daily Eagle reported. The site will become a 550-seat middle school, the outlet also reported. The Nathan’s outpost had been there since the 1970s.

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