search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomAustin could slash home costs with code rewriteAustin could slash home costs with code rewriteChetrits have a problem in PassaicChetrits have a problem in Passaic
New York

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

Albert Malekan picks up LES office building for $17M, Luthien buys EV rental for $13M

460 Broome Street in Soho and 114 East 7th Street in the East Village
460 Broome Street in Soho and 114 East 7th Street in the East Village

In the world of mid-market New York City investment sales last week, Albert Malekan purchased a five-story Soho office building for $17 million, and the Luthien Group bought a rental building in the East Village for $13.8 million.

Sign Up for the undefined Newsletter

1.) Designer Albert Malekan of the Alberto Makali fashion brand, picked up a five-story Soho office building at 460 Broome Street for $17.3 million from the Mack-Cali Realty Corporation. The 11,233-square-foot Soho property includes 2,125 square feet of ground-floor retail, and is currently home to Sunbury Textile Mills. In addition to his designer business, Malekan has been involved in commercial real estate since the 1990s, often under the brand’s name. Entities associated with either Malekan or Makali or both own office buildings at 75 Greene Street in Soho, where Versace leased the ground-floor retail in 2015, at 35 East Broadway on the Lower East Side, and the 31,260-square-foot building at 552 Seventh Avenue, which houses the Alberto Makali showroom. Cushman & Wakefield’s [TRDataCustom] Robert Burton and James Nelson brokered the sale.

2.) The Luthien Group bought a 28-unit rental building in the East Village for $13.8 million from Domek Associates. Half of the units at the five-story building, at 114-116 East 7th Street, are rent-regulated. The Luthien Group recently sold a 24-unit building at 629 East 5th Street for $16.2 million to a group led by Robert Morgenstern’s Morgenstern Capital.

Source: ACRIS data for closed sales between Jan. 16-22 and Reonomy data

Tags
Investment Sales