SL Green pays $28M for full control of Midtown office building

Busy week of mid-market investment sales totaled over $200M across city

New York /
Jul.July 21, 2021 01:16 PM
SL Green CEO Marc Holliday with 461 Fifth Avenue and 220 East 197th Street in Fordham (SL Green, Google Maps)

SL Green CEO Marc Holliday with 461 Fifth Avenue and 220 East 197th Street in Fordham (SL Green, Google Maps)

The CEO of Western Beef supermarkets picked up a defunct gym in the Bronx, SL Green Realty took full control of a Midtown office building and the eclectic Grand Prospect Hall sold in Brooklyn.

They were among the 12 middle-market investment sales of $10 million to $30 million recorded last week across the city. The busy week totaled over $200 million in sales. The Bronx led the pack with five deals, followed by Manhattan with three, while Brooklyn and Queens had two each.

The tally far surpassed the first week of July, where eight mid-market deals added up to nearly $126 million.

Also last week, four-dozen co-op units sold at a Queens complex and several affordable housing properties traded hands, including portions of the city’s $122 million outlay for cluster sites.

Here is the list of mid-market investment sales recorded during the third week of June.

1. The Fordham-Bedford Housing Corporation paid $30.6 million for two Bronx apartment buildings with a combined 115 units at 220 East 197th Street in Fordham and 15-19 West Mosholu Parkway North in Norwood. The buildings span a total of 113,000 square feet. The seller was Neighborhood Restore HDFC.

2. Angelo Rigas acquired an assemblage of 12 properties on Prospect Avenue between Fifth and Sixth avenues in Brooklyn for $30 million. The properties combine for 73,000 square feet of built space, including Grand Prospect Hall in Prospect Park. That eclectic banquet hall space at 263 Prospect Avenue — known in part for its low-budget TV ads — sold after its restorer died of Covid-19 this year. The seller was his widow, Alice Halkias.

3. SL Green acquired the fee interest in 461 Fifth Avenue, a 200,000-square-foot office building in Midtown South for $28.3 million. The seller, an affiliate of Karp Family Associates, was Lane Owner LLC. SL Green purchased the leasehold interest in the building for $62.3 million in 2003.

4. Peter Castellana, CEO of Cactus Asset Management and Western Beef supermarkets, acquired a 27,300-square-foot building at 298 West 231st Street in the Kingsbridge section of the Bronx for $20.8 million. The sellers were affiliated with the estate of Fred Straus, founder of a Yonkers-based family real estate investment firm.

5. New York City acquired a 107-unit, mixed-use building spanning 81,700 square feet at 1206 Westchester Avenue in the Longwood section of the Bronx for $16.6 million. The purchase was part of the city’s $122 million deal for 14 cluster housing sites in the borough. The seller was Joseph Friedman.

6. MD Squared Property Group purchased 48 co-op units at the Astoria Lights complex in Astoria, Queens, for $15.1 million. The seller was an affiliate of RockFarmer Properties. The properties are located at 24-39, 24-51, 24-65 and 24-75 38th Street. 

7. Meridian Properties LLC picked up a 48-unit Brooklyn apartment building spanning 61,000 square feet at 9949 Shore Road in Fort Hamilton for $13.8 million. The seller was FCD Raymond Realty.

8. Namdar Realty Group and Klosed Properties purchased a 13,000-square-foot mixed-use building at 578 Ninth Avenue in Hell’s Kitchen for $12 million. Namdar acquired an 85 percent tenant-in-common interest. The seller was an affiliate of Sanders Investments.

9. Avi Matatov acquired a 15,500-square-foot Queens office building at 98-60 Queens Boulevard in Rego Park for $11 million through limited liability company GVA Capital. The seller was PMC Owners Corp., formerly known as Parkside Memorial Chapels.

10. Wildflower LTD picked up three Bronx properties totaling 55,000 square feet in Hunts Point for $10.7 million, located at 1340 Lafayette Avenue and 745 and 749 Whittier Street. The seller was limited liability company 745 Whittier Street.

11. Garfunkel & Tauster Corp. sold a 16-unit apartment building at 36 East 7th Street in the East Village for $10.3 million. The buyer was limited liability company 36 E 7th St.

12. Another cluster housing-related purchase, New York City acquired a 67-unit Bronx apartment building spanning 49,000 square feet at 1245 Findlay Avenue in Concourse for $10.1 million. The seller was Joseph Friedman.





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