Here’s what the $10M-$20M NYC investment sales market looked like last week
Vornado buys retail at Bazzini Building, Gemini sheds Bryant Park dev site
UPDATED May 11, 2017 5:02 p.m.: In the world of mid-market New York City investment sales last week, Vornado bought a commercial condominium at the historic Bazzini building in Tribeca, and a Bryant Park development site sold at auction.
1.) A commercial condo at the Bazzini Building, a former nut processing plant in Tribeca, sold for $11.7 million to Vornado Realty Trust. The six-story landmarked building was home to Bazzini Nuts from the time it was built in 1886 until 1997, when the wholesale nut business moved to Hunt’s Point. The building is located at the corner of Greenwich and Jay streets, with addresses at 339 Greenwich Street and 21 Jay Street, and the upper floors were converted to residential condos. The commercial unit is occupied by Sarabeth’s restaurant.
2.) A development site near Bryant Park, which went to auction in January with an starting price of $19.3 million, sold for $19.25 million to Joginder Sharma. Gemini Real Estate Advisors bought the 4,345-square-foot lot at 36 West 38th Street in 2013 and planned to build a 114-key hotel on the site. This is the fourth hotel Gemini sold at auction. In 2015, the company sold three hotels, including the 124-key Wyndham Garden at 37 West 24th Street, for a combined $176 million, after filing for bankruptcy protection in September of that year.
3.) Atalaya Capital Management picked up the former 21st Precinct station house at 327 East 22nd Street in Gramercy Park for $14.7 million. The seller, Suzuki Capital, bought the one-story building for $11 million in 2014, with plans to convert the property to condos. At the time, the building was owned by the nonprofit Green Chimney and served as housing for LGBTQ residents.
4.) Smile Train, a nonprofit that serves children with cleft lips and palates, bought three commercial condos at Time Equities’ 41-story office building at 633 Third Avenue for $16.75 million. The seller, Marcus & Pollack LLP, bought the ninth floor of the Midtown East building for $27 million in 2015, and divided the 44,779-square-foot space into multiple units. Smile Train took 19,744 square feet, spending $847 per square foot; Marcus & Pollack retained 13,000 square feet, and the remaining space is divided into two additional offices which were sold at $900 and $922 per square foot. Michael Rudder and Mike Heller of Rudder Property Group represented the seller, and Michael Higgins and Alexander Chudnoff of JLL represented the buyer.
5.) In the West Village, Afred Sabet’s Sabet Group bought a 24-unit rental building in from its longtime owners for $18 million. The six-story building at 63 Perry Street, built in 1925, was in the Ragone family since 1972, and was designated as a landmark in 1969. Sabet’s holdings include a rental properties at 119 Christopher Street in the West Village and 117 Varick Street in Soho. Marcus & Millichap’s Peter Von Der Ahe and Joe Koicim brokered the deal.
(Source: ACRIS data for closed sales between May. 1-7, and Reonomy NYC-Request-Demo.html data)