i-Sales: Development sites trade in Manhattan

Grid Group and New Empire picked up parcels in Chelsea and Kips Bay

i-Sales: Development sites trade in Manhattan
142 West 42nd Street and 437 Second Avenue (Google Maps)

Development sites in Manhattan took top billing among investment properties that sold last week for between $10 million and $30 million. The priciest nosed past that threshold.

Grid Group and New Empire picked up sites in Chelsea and Kips Bay, respectively. Construction permits haven’t been filed for either one with the Department of Buildings.

Three middle-market investment sales took place in Manhattan, two in Queens and one in the Bronx. The six properties fetched a total of $93 million, higher than last week’s $83 million.

Here are details of sales recorded in the first week of September.

1. Yiannes Einhorn’s Grid Group bought a property with 61,500 square feet of development potential at 142 West 42nd Street in Chelsea for $31 million. The seller was Louise Weiss of Jadlamm Realty Corp. It includes a 16,400-square-foot parking garage.

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2. Bentley Zhao’s New Empire Corp. picked up 45,000 square feet of development potential on the corner of Second Avenue and East 25th Street in Kips Bay for $14.8 million. The Speiser Organization sold the vacant 17,000-square-foot building that spans 429, 433 and 437 Second Avenue. JLL marketed the property.

3. Seko Mujevic acquired a 28-unit residential building at 11-07 Welling Court in Astoria for $14.5 million. The seller was Pirzada Properties through Pirzada Graffiti House LLC. The building spans 27,000 square feet.

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4. Denali Management bought an 83-unit mixed-use building at 230 East 167th Street in Concourse, Bronx, for $13.5 million. The Morgan Group was the seller. The building spans 78,000 square feet and has 78 residential units.

5. Eliezer Steinmetz bought a 55,000-square-foot industrial building at 115-10 14th Road in College Point, Queens, for $12 million. The seller was Jag Specialty Foods through A. Angonoa, Inc. Steinmetz purchased the building through Col Point Center Owner LLC.

6. Andon Iksino’s Xinos Construction Corp. bought two residential buildings with a combined 64 apartments on 55th Street between Eighth and Ninth Avenue in Hell’s Kitchen for $11.5 million. One building with 40 units spans 17,5000 square feet at 320 West 55th Street, while the other has 24 units across 10,000 square feet at 329 West 55th Street. The seller was Metro Management Development.