Blue Man Group’s school sells in FiDi for $20M

Mid-market deals last week fetched nearly $130 million

New York /
Jun.June 29, 2021 08:52 AM
From left: 30 East 14th Street, 156 William Street, 196 7th Avenue and 66 West 88th Street (StreetEasy, Google Maps)

From left: 30 East 14th Street, 156 William Street, 196 7th Avenue and 66 West 88th Street (StreetEasy, Google Maps)

Manhattan had another strong week of investment sales in the $10 million to $30 million range recorded last week including properties in FiDi, the West Village, the Upper West Side and Inwood.

Commercial condos used by the Blue Man Group’s private school, The Blue School, sold for $20 million in FiDi. Multifamily buildings made up most of the other sales, including a six-building portfolio spanning three Brooklyn neighborhoods and yet another sale by Rosedale Management. Two properties were purchased by self-storage companies.

The combined deals fetched $127 million, beating the prior week’s $70 million of mid-level transactions. Here are more details of such deals recorded during the week ending June 25.

1. Living Real Estate Group acquired a portfolio of Brooklyn residential buildings with 75 units across 70,000 square feet in Park Slope, Crown Heights and Ditmas Park for $24.3 million. The buildings are at 196 7th Avenue; 743 Washington Avenue; 191, 429 and 442 Sterling Place; and 805 Ocean Avenue. The seller was Coastline Apartment Advisors.

2. Witnick Real Estate Partners, Namdar Realty Group and Gorjian Real Estate Group picked up a 21,000-square-foot, mixed-use building at 30 East 14th Street in the West Village for $23.5 million. The companies purchased ownership shares of 60 percent, 30 percent and 10 percent, respectively. The building has two commercial and 20 residential units. The sellers were the Dadon (90 percent ownership) and Dushey (10 percent) families. Sion Dadon purchased the property from Jack Dushey for $3 million in 1990.

3. The Blue School, founded by members of the theatrical troupe Blue Man Group, sold two commercial condo units spanning 26,000 square feet at 156 William Street in the Financial District for $20 million. The buyer was Delaware limited liability company PHC William Street Condo. The school acquired the units for $27 million in 2016 and subdivided one in 2018, reducing its size by half; its website lists 156 William as a location for primary and middle school education.

4. Rosedale Management sold a 48-unit multifamily building spanning 48,500 square feet at 66 West 88th Street on the Upper West Side for $17 million. The buyer was an affiliate of Yonkers-based Denali Management. Rosedale has sold four multifamily buildings in as many weeks for a combined $67 million.

5. InSite Property Group picked up a 73,500-square-foot parcel at 131-21 14th Avenue in College Point for $15.25 million. The seller was Safeguard Self Storage. Alexandra Rossland and David Marciano of Westbridge Realty Group represented the seller and buyer, respectively. InSite plans to construct a self-storage facility spanning 132,000 square feet including several subfloors, Rossland said.

6. An affiliate of Storage Deluxe acquired a 39,000-square-foot industrial building at 302 Dyckman Street in Inwood for $15.2 million. The seller was Magic Novelty, a vendor of novelty metallic products.

7. LargaVista Companies acquired 1163 Atlantic Avenue and 1283 and 1305 Bedford Avenue in Bedford-Stuyvesant for $12.4 million. The sites span 44,000 square feet including an 8,000-square-foot office building and two parking facilities. The seller was 1926 Elsmere, Inc.





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