Delshah Capital buys Midtown commercial condo at former TGI Friday’s

Deal was among 4 mid-market sales in NYC totaling $81M

New York /
Mar.March 10, 2021 08:00 AM
761 Seventh Avenue, Michael Shah, 80 Willoughby Street, Albert Laboz. (Google Maps, Delshah Capital, United American Land)

761 Seventh Avenue, Michael Shah, 80 Willoughby Street, Albert Laboz. (Google Maps, Delshah Capital, United American Land)

Two of the four mid-market sales in New York City last week involved properties that had been leased by restaurants. One of those eateries, TGI Friday’s in Midtown Manhattan, closed because of the pandemic.

The four investment sales combined for $81.2 million, a jump from the previous week’s $24.3 million total across two transactions. Mid-market sales involve properties that change hands for between $10 million and $30 million each.

The other two deals last week were for a warehouse and a building occupied by a charter school. Two of the properties were in Brooklyn, one was in Manhattan and the other in the South Bronx.

Here are more details for the week ending March 5.

1. A limited liability company affiliated with Delshah Capital purchased a commercial condo unit at 761 Seventh Avenue in Midtown for $24.2 million. The property is 22,450 square feet. The seller, 761 Partnership, previously operated the TGI Friday’s until the pandemic led to its closure. The space included a food court operated by Reese Group that had a KFC and Pizza Hut. It also shuttered.

2. United American Land purchased a 60,500-square-foot building that a charter school occupies at 80 Willoughby Street in Downtown Brooklyn. That deal was for $23.2 million and Albert Laboz signed for the buyer. The seller was the Sisters of Saint Joseph Brentwood.

3. Andrew Weingarten’s Ford Coyle Properties sold a 13,700-square-foot retail building at 2818 Coney Island Avenue in Sheepshead Bay, Brooklyn. Nargis Cafe, an Uzbek restaurant, occupies the space. The deal was for $22 million and the buyer was a limited liability company affiliated with the law firm Nazrisho & Associates and the grocery store Oasis Mega Market, according to public records.

4. Paladino Realty Corporation sold a 49,600-square-foot warehouse at 581 Austin Place in the South Bronx for $11.8 million to SNL Storage, a self-storage company.





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