One trashed condo project is another developer’s treasure: Last week, an Upper East Side parcel that was previously earmarked for condos changed hands, with the new owner planning his own residential project on the site.
It was one of four mid-market investment sales last week, defined by The Real Deal as transactions that closed for between $10 million and $30 million. Of the four deals, two were in Manhattan, and two were in Elmhurst, Queens. The total sales volume was $83.2 million, surpassing the previous week’s $51.2 million. The Upper East Side deal was the smallest recorded, at $13.7 million.
Here are more details for the week ending April 2:
1. Boston-based Davis Companies bought a 32,000-square-foot industrial building and a 5,700-square-foot retail building at 155 and 165 West 29th Street in Midtown for $36.5 million. Jonathan G. Davis signed for the buyer. The seller was Abraham Moshel’s Amush Enterprises.
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2. A trustee of J.C. Penney’s bankruptcy, GLAS Trust Company LLC, purchased the retailer’s 200,000-square-foot department store at 92-59 59th Avenue in Elmhurst for $18.1 million. Alan Carr signed for the seller.
3. Self-storage facility operator Safe N Lock picked up a 29,600-square-foot warehouse at 52-34 74th Street in Elmhurst for $14.9 million. The seller was Traditional Casket Corp.
4. Spruce Capital Partners sold an Upper East Side parcel at 323 East 79th Street to Boomerang Development Group for $13.7 million. Boomerang’s Marco Auteri says his company will construct a condo building on the site.
Spruce purchased the lot in 2017 for $12.75 million. It had planned to build a 35,000-square-foot, 17-story residential building, with plans submitted to the city in 2019.