I-Sales: Ghost theater trades in Staten Island

UWS residential building also traded hands in a slow week for mid-market deals

New York /
Aug.August 10, 2021 05:53 PM
 I-Sales: Ghost theater trades in Staten Island

560 Bay Street, 325 West 77th Street (Google Maps)

The investment sales market took a summer vacation last week.

Just two deals in the $10 million to $30 million range were recorded: one in Manhattan and one in Staten Island, an infrequent i-sales destination.

The winding history of Staten Island’s Paramount Theater took another turn last week as an owner who tried to rehabilitate the space a decade ago transferred ownership to another company that owns property on the island, at 45 Beach Street. A representative of the theater declined to comment on the new ownership.

Here are more details of the i-sales in the middle of the market for the first week of August.

1. Denali Management Inc. picked up a landmarked 48-unit residential building at 325 West 77th Street on the Upper West Side for $15.4 million. The 10-story building spans 42,000 square feet. The sellers were the Kuhl and Lynn families. Sean Lefkovitz signed for the buyer.

2. Hsiu Sung Yang’s limited liability company Prospect 88 Realty transferred ownership of the Paramount Theater at 560 Bay Street in Staten Island to Wei Lu’s Staten Island Beach LLC in a transaction valued at $10 million. The building spans 40,500 square feet.





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