Flatiron office building leads New York’s mid-market investment sales

Deals included RXR buying South Bronx warehouses from Keith Rubenstein

Mar.March 23, 2020 07:30 AM
1115 Broadway, RXR Realty's Scott Rechler, 2413 Third Avenue and 9 Bruckner Boulevard in the Bronx (Credit: Getty Images; Google Maps)

1115 Broadway, RXR Realty’s Scott Rechler, 2413 Third Avenue and 9 Bruckner Boulevard in the Bronx (Credit: Getty Images; Google Maps)

Five properties traded hands in New York’s mid-level investment sales market last week, including a 12-story office building in the Flatiron District and two South Bronx warehouses that RXR purchased from Keith Rubenstein. Here are the details:

1. An LLC linked to Triad Professional Services purchased 1115 Broadway in Manhattan’s Flatiron District for $26.1 million from an LLC based in Westchester. The office building stands 12 stories tall and has 50 units.

2. Scott Rechler’s RXR Realty purchased a warehouse in the South Bronx from Keith Rubenstein’s Somerset Partners for about $23.7 million. The property is located at 2413 Third Avenue in Mott Haven and stands five stories tall with three units. Rubenstein has been a major investor in Mott Haven for years. He and the Chetrit Group sold a large waterfront site in the neighborhood at 2401 Third Avenue and 101 Lincoln Avenue to Brookfield in 2018 for $165 million.

3. Ron Burkle’s Yucaipa Companies purchased a mixed-use building on Manhattan’s Lower East Side for $15.3 million from Princeton Holdings. The property, at 137 Ludlow Street, stands four stories tall and has one residential unit.

4. RXR purchased another South Bronx site from Keith Rubenstein at 9 Bruckner Boulevard for about $10.8 million. The Mott Haven property is a two-story warehouse. Rubenstein previously told The Real Deal he planned to convert it into a food hall.

5. Park Avenue South Management purchased a residential building in Washington Heights for $10.15 million from Bella Vista Realty Corp. The property, at 1312-1322 Riverside Drive, stands six stories tall and contains 64 apartments.

Related Articles

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

42-46 2nd Avenue (Credit: Google Maps)

LA real estate firm buys shuttered church site for $40M

Commercial real estate investment could take a hit as investors pull back amid market volatility. (Credit: iStock)

How will coronavirus affect global CRE deal volume?

Clockwise from left: The Chrysler Building, The Putnam Portfolio, CBRE's Darcy Stacom, JLL's Andrew Scandalios, The Coca-Cola Building and Cushman & Wakefield's Doug Harmon

A tight hustle: TRD’s annual tally of the city’s biggest investment sales firms

150-152 East 79th Street (Credit: Google Maps)

HFZ assemblage play leads New York’s mid-market investment sales

Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Clockwise from top left: 136-18 Maple Avenue in Flushing, 109 Avenue A and 47-49 West 39th Street (Credit: Google Maps)

Flushing vacant lot leads New York’s mid-market investment sales

Arthur Shapolsky of Shapolsky Real Estate and 143 East 62nd Street (Credit: Facebook, Google Maps)

Real estate titan: I was duped on deal by elderly button-shop owner