Beleaguered taxi kingpin gets $21.7M cash infusion
Sale of Mott Haven site to charter school was one of 8 mid-market investment deals last week
Tired: taxicab empires. Wired: charter school networks.
One-time taxi mogul Victor Weingarten, who converted a stockpile of yellow cab medallions into real estate holdings, recently sold a development parcel in the Bronx for a cool $21.7 million.
The buyer, KIPP NYC, is one of several expanding charter school networks that have increasingly emerged as a lifeline for commercial landlords, to say nothing of yesterday’s medallion kingpins.
Elsewhere, a developer assembled parcels for a new condo building in Williamsburg, where a 17,000-square-foot commercial condo unit sold at the Austin Nichols House. Another commercial condo sold in the West Village, or rather transferred in lieu of foreclosure.
Below are more details on middle-market investment sales between $10 million and $30 million that were recorded during the first week of July.
1. Charter school network KIPP NYC acquired a 34,000-square-foot parcel at 75 Canal Street West in Mott Haven for $21.7 million. Victor Weingarten’s 75 CSW Realty LLC was the seller. The site has a development potential of 168,200 square feet.
2. The Health Science Center at Brooklyn Foundation purchased a 20,000-square-foot parking structure at 354 Clarkson Avenue in Flatbush for $20.2 million. The foundation benefits students and faculty of SUNY Downstate Medical Center, which is adjacent to the parking structure. The seller was limited liability company ESP Group. The site has a development potential of 88,000 square feet.
3. An affiliate of Bridge Investment Group acquired a 3,600-square-foot commercial condo unit at 69 Downing Street in the West Village, accepting a deed in lieu of foreclosure valued at $18 million from Samson Klugman’s Quality Capital USA.
4. Jeff Sutton’s Wharton Properties sold a 7,700-square-foot bank building at 2076 86th Street in Bath Beach for $17.25 million. The buyer was BLDG Management.
5. EDRE Development acquired a 22,000-square-foot portfolio between North Street and Grand Street in Williamsburg for $13 million, where it reportedly plans to build a 48-unit condo building with a sellout price of $62 million. The portfolio includes properties at 100, 102 and 106 North 1st Street; and 105, 109 and 111 Grand Street. The seller was limited liability company Rovex.
6. Nonprofit housing developer Goddard Riverside acquired a 21,000-square-foot, extended-stay hotel building 233 West 107th Street for $12.6 million. The sellers were Irene Shreyberg and Rubin Margules.
7. The Rockpoint Group sold a 17,000-square-foot commercial condo unit and 58,000-square-foot parking garage at 184 Kent Avenue in Williamsburg for $11.7 million. The buyer was Regal Acquisitions.
8. Robert Laubsch, through entity Al-Ed Management, sold an 85,000-square-foot residential building at 3535 Rochambeau Avenue in Norwood for $11.2 million. The buyer was Hysen Mehmetaj, through a limited liability company.