New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

HAP expands Chelsea dev site; HUBB NYC buys Tribeca retail condos

From left: <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/77-Reade-Street-New-York-NY-10007/1001497501-0" target="_blank" data-address="77%20Reade%20Street%2C%20New%20York" data-label="77%20Reade%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F77-Reade-Street-New-York-NY-10007%2F1001497501-0" data-bbl="1001497501" data-blockValue="00149" data-lotValue="7501" data-zipcode="10007" data-bldgArea="59%2C814" data-bldgDepth="150.6" data-bldgFront="50" data-landUse="Mixed%20resi%20%26%20comm%20buildings" data-lotArea="11%2C670" data-lotFront="79.83" data-lotDepth="150.5" data-retailArea="12%2C747" data-resArea="45%2C528" data-officeArea="0" data-garageArea="909" data-strgeArea="630" data-factryArea="0" data-otherArea="0" data-bldgClass="R0" data-primaryZoning="C6-3A" data-commercialOverlay="" data-far="7.52" data-buildable="87%2C758" data-airRights="27%2C891" data-propertyNeighborhood="Tribeca" data-latitude="40.7149576574439" data-longitude="-74.0072574043862" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F77-Reade-Street-New-York-NY-10007%5C%2F1001497501-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F77-Reade-Street-New-York-NY-10007%5C%2F1001497501-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">77 Reade Street</a> in Tribeca, <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/213-West-28-Street-New-York-NY-10001/1007780032-0" target="_blank" data-address="213%20West%2028%20Street%2C%20New%20York" data-label="213%20West%2028th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F213-West-28-Street-New-York-NY-10001%2F1007780032-0" data-bbl="1007780032" data-blockValue="00778" data-lotValue="0032" data-zipcode="10001" data-bldgArea="10%2C171" data-bldgDepth="88" data-bldgFront="25" data-landUse="Multifamily%20walk-up%20buildings" data-lotArea="2%2C456" data-lotFront="24.83" data-lotDepth="98.75" data-retailArea="1%2C500" data-resArea="8%2C671" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="C4" data-primaryZoning="M1-6D" data-commercialOverlay="" data-far="10" data-buildable="24%2C560" data-airRights="14%2C392" data-propertyNeighborhood="Chelsea" data-latitude="40.7477348073789" data-longitude="-73.99396999857" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F213-West-28-Street-New-York-NY-10001%5C%2F1007780032-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F213-West-28-Street-New-York-NY-10001%5C%2F1007780032-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">213 West 28th Street</a> in Chelsea and Eran Polack of HAP

From left: 77 Reade Street in Tribeca, 213 West 28th Street in Chelsea and Eran Polack of HAP

UPDATED, 11:29 a.m., Feb. 15: 1.) HUBB NYC Properties purchased a pair of retail condominium units at 77 Reade Street from Robert Kaliner for $17.8 million, or $1,400 per square foot. The space includes the basement and a ground floor unit totaling 12,600 square feet in the eight-story Tribeca building. Kaliner, in partnership with HP Investors, paid $7.3 million for the two units in 2012.

2.) A 50-unit rental building in the Sunnyside neighborhood of Queens traded hands for $14.7 million. Carlo Coco’s J.C. Management sold the six-story building at 41-29 41st Street to Astoria-based landlord Harry Ottoman of Nocor Management.  The property spans 40,800 square feet between Skillman and 43rd avenues.

3.) HAP Investment Developers snatched up a fourth property along West 28th Street in Chelsea, next door to a 21-story mixed-use project it has planned. The developer paid $13 million for a 17-unit rental building at 213 West 28th Street, in addition to the $50.2 million it shelled out for 215-219 West 28th Street in 2013. New York YIMBY spotted renderings last year for a HAP’s Karim Rashid-designed project, but the Department of Buildings rejected those plans last month. It’s Not Clear Whether 213 West 28th Street will be demolished to make way for HAP’s proposed 134-unit project.

4.) Leslie Lerner’s L.A.L Property Management Corp. acquired a 63-unit rental building in the Bronx for $10.6 million. Located in the Wakefield neighborhood, the 60,200-square-foot building at 655 East 233 Street holds 60 residential units, most of which are rent-stabilized apartments, and three commercial units. The seller, Yuri Desimone, purchased the property for $5.9 million six year ago.

(Source: ACRIS data for closed sales between Feb. 8- 14, and Reonomy data)

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New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

HAP expands Chelsea dev site; HUBB NYC buys Tribeca retail condos

From left: <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/77-Reade-Street-New-York-NY-10007/1001497501-0" target="_blank" data-address="77%20Reade%20Street%2C%20New%20York" data-label="77%20Reade%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F77-Reade-Street-New-York-NY-10007%2F1001497501-0" data-bbl="1001497501" data-blockValue="00149" data-lotValue="7501" data-zipcode="10007" data-bldgArea="59%2C814" data-bldgDepth="150.6" data-bldgFront="50" data-landUse="Mixed%20resi%20%26%20comm%20buildings" data-lotArea="11%2C670" data-lotFront="79.83" data-lotDepth="150.5" data-retailArea="12%2C747" data-resArea="45%2C528" data-officeArea="0" data-garageArea="909" data-strgeArea="630" data-factryArea="0" data-otherArea="0" data-bldgClass="R0" data-primaryZoning="C6-3A" data-commercialOverlay="" data-far="7.52" data-buildable="87%2C758" data-airRights="27%2C891" data-propertyNeighborhood="Tribeca" data-latitude="40.7149576574439" data-longitude="-74.0072574043862" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F77-Reade-Street-New-York-NY-10007%5C%2F1001497501-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F77-Reade-Street-New-York-NY-10007%5C%2F1001497501-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">77 Reade Street</a> in Tribeca, <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/213-West-28-Street-New-York-NY-10001/1007780032-0" target="_blank" data-address="213%20West%2028%20Street%2C%20New%20York" data-label="213%20West%2028th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F213-West-28-Street-New-York-NY-10001%2F1007780032-0" data-bbl="1007780032" data-blockValue="00778" data-lotValue="0032" data-zipcode="10001" data-bldgArea="10%2C171" data-bldgDepth="88" data-bldgFront="25" data-landUse="Multifamily%20walk-up%20buildings" data-lotArea="2%2C456" data-lotFront="24.83" data-lotDepth="98.75" data-retailArea="1%2C500" data-resArea="8%2C671" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="C4" data-primaryZoning="M1-6D" data-commercialOverlay="" data-far="10" data-buildable="24%2C560" data-airRights="14%2C392" data-propertyNeighborhood="Chelsea" data-latitude="40.7477348073789" data-longitude="-73.99396999857" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F213-West-28-Street-New-York-NY-10001%5C%2F1007780032-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F213-West-28-Street-New-York-NY-10001%5C%2F1007780032-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">213 West 28th Street</a> in Chelsea and Eran Polack of HAP

From left: 77 Reade Street in Tribeca, 213 West 28th Street in Chelsea and Eran Polack of HAP

UPDATED, 11:29 a.m., Feb. 15: 1.) HUBB NYC Properties purchased a pair of retail condominium units at 77 Reade Street from Robert Kaliner for $17.8 million, or $1,400 per square foot. The space includes the basement and a ground floor unit totaling 12,600 square feet in the eight-story Tribeca building. Kaliner, in partnership with HP Investors, paid $7.3 million for the two units in 2012.

2.) A 50-unit rental building in the Sunnyside neighborhood of Queens traded hands for $14.7 million. Carlo Coco’s J.C. Management sold the six-story building at 41-29 41st Street to Astoria-based landlord Harry Ottoman of Nocor Management.  The property spans 40,800 square feet between Skillman and 43rd avenues.

3.) HAP Investment Developers snatched up a fourth property along West 28th Street in Chelsea, next door to a 21-story mixed-use project it has planned. The developer paid $13 million for a 17-unit rental building at 213 West 28th Street, in addition to the $50.2 million it shelled out for 215-219 West 28th Street in 2013. New York YIMBY spotted renderings last year for a HAP’s Karim Rashid-designed project, but the Department of Buildings rejected those plans last month. It’s Not Clear Whether 213 West 28th Street will be demolished to make way for HAP’s proposed 134-unit project.

4.) Leslie Lerner’s L.A.L Property Management Corp. acquired a 63-unit rental building in the Bronx for $10.6 million. Located in the Wakefield neighborhood, the 60,200-square-foot building at 655 East 233 Street holds 60 residential units, most of which are rent-stabilized apartments, and three commercial units. The seller, Yuri Desimone, purchased the property for $5.9 million six year ago.

(Source: ACRIS data for closed sales between Feb. 8- 14, and Reonomy data)

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