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

Extell sewed up the final piece of its next UES assemblage for $14M

TRD New York /
Jul.July 10, 2019 08:00 AM
From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

From Lenox Hill to Clinton Hill, these are the $10 million to $20 million investment sale deals that recently traded in New York City.

1. An entity linked to Taube Management Realty picked up 241 East 73rd Street — a five-story mixed-use building in Lenox Hill — for $17.5 million, according to property records. The seller, another limited liability company managed by attorney Hari K. Samaroo, acquired the property for $12 million in 2017. The 17-unit building has another address of 1403 Second Avenue and spans 9,580 square feet, pricing the deal at just over $18,000 per square foot.
2. In Clinton Hill, 444 Clinton Avenue traded for $17 million. The seller was Teen Challenge, a faith-based addiction rehabilitation program, according to property records. The proceeds of the sale will largely go toward the group’s endowment and to renovate the Brooklyn center’s offices at 416 Clinton Avenue, among other uses, records show. The lot appears to have three low-rise buildings on it, though it was not immediately clear if all of those properties sold in the transaction. The buyer was 444 Clinton LLC, tied to The Loketch Group. S3 Capital provided $15 million in financing.
Gary Barnett’s Extell Development closed on what looks like the final parcel in its 10-piece Upper East Side assemblage, the site of its next development which could offer more than 250,000 buildable square feet. The developer acquired 1520 First Avenue from the Odierno family for about $13.8 million, according to property records.

 

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