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

Deals included RXR buying South Bronx warehouses from Keith Rubenstein

New York /
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.


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