Village theater back on market after failed deal; 3 more warehouses sell

Investors dropped $51M on outer-borough warehouses, driving majority of last week’s mid-market transactions

Village theater back on market after failed deal; 3 more warehouses sell
The Cherry Lane Theater in Greenwich and Angelina Fiordellisi (via Wikimedia Commons, Cherry Lane Theatre, LinkedIn)

Warehouses remain all the rage in the city’s investment sales market.

The sprawling properties may be mundane as far as New York City real estate assets go, but investors threw $50.5 million at them last week, making up a majority of middle-market transactions, records show.

One property that could appear in this report soon is the historic Cherry Lane Theater in the West Village. The Lucille Lortel Theater Foundation’s $11 million, off-market purchase of the theater, agreed upon this summer, fell through. The theater will return to the market with a price tag of just under $13 million. Brown Harris Stevens has the listing.

Other deals involved multifamily buildings traded on the Upper West Side and air rights sold by the city in Gowanus to allow for a 26-story, mixed-use development.

Two sales were in Brooklyn, and one each in Manhattan, Queens and the Bronx. Below are more details on investment sales recorded last week between $10 million and $30 million.

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1. Xiong Chen of Shunhe Management LLC bought a 52,000 square-foot warehouse at 201 46th Street in Sunset Park, Brooklyn, for $23 million. CTBC Bank provided financing. The seller, another limited liability company, acquired the property in 2016 for $15.5 million.

2. Meyer Orbach’s Orbach Group sold multifamily buildings at 165 and 169 Manhattan Avenue on the Upper West Side for $21 million. The two buildings have a combined 48 residential units and 35,600 square feet. NYC Housing Partnership, a non-profit that creates and preserves affordable housing, bought the buildings. Orbach acquired them in 2013 for $11.2 million.

3. Simon Dushinsky’s Rabsky Group spent $17.2 million to acquire 98,446 square feet of air rights from the city to build a 26-story, mixed-use building at 267 Bond Street in Gowanus, Brooklyn. The building will span 364,000 square feet with 98,446 square feet of office space and 344 residential units, according to city records.

4. Jack Guttmann of Pearl Realty Management bought 51,000 square feet of warehouse space in Hunts Point, Bronx, for $15.9 million. Guttmann purchased the three properties, at 1180 and 1194 Randall Avenue and 531 Tiffany Street, from Todd Hooper.

5. The Carlyle Group bought a 52,000 square-foot warehouse at 54-12 48th Street in Maspeth, Queens, for $11.6 million. The seller was Sitex Group, which acquired the property in August for $8.2 million. The purchasing entity was CPI/SITEX 54-12 48th St Industrial Owner.