Mid-market investment sales remained steady last week as a variety of asset classes traded in Manhattan and Brooklyn last week.
Five transactions involving commercial properties valued between $10 million and $40 million hit city records. Three were in Brooklyn and two were in Manhattan. Below is more information on each deal, ranked by dollar amount.
- Packaging manufacturer Nap Industries sold a pair of adjacent industrial buildings at 667 Kent Avenue and 25 Hooper Street in Williamsburg for $32 million to Kent Ave Property LLC. Chaim Sholam Sternhill signed for the buyer. The single-floor warehouses span roughly 60,000 square feet and last traded hands in 1972 and 1998 for undisclosed amounts.
- An entity connected to LNR Partners, the special servicing arm of Barry Sternlicht’s Miami-based Starwood Property Trust, bought the retail property at 470 Broadway in Soho for $25.4 million from an entity tied to Thor Equities. Joe Sitt’s firm unloaded the 6,600-square-foot building “in lieu of foreclosure” after it faced foreclosure last year. Thor acquired it in 2007 for $15.5 million, but reportedly owed more than that at the time of sale.
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- An entity connected to Quinlan Development Group bought a development site at 376 Fourth Avenue in Gowanus for $24 million from an entity tied to Susan Rattner. Quinlan plans a 197-unit, 17-story mixed-use project of 207,000 square feet on the site. The project is slated for completion a year from now. The site, an 18,000-square-foot taxi business, was last sold in 2012 for $7 million.
- Entities tied to Meadow Partners bought a pair of apartment buildings at 77-83 Roebling Street and 65-75 Roebling Street in Williamsburg for $17.5 million from Lido Knitting Mills. The three-floor, pre-war buildings have 58 units and total almost 66,000 square feet. Both were last sold in 1982 for an undisclosed amount.
- The former Turtle Bay Music School sold a pair of commercial condo units at 345 East 37th Street in Murray Hill for $12 million to Corinthian Office 3 LLC. The sale was between relatives or former relatives, according to the deed. The school bought the two commercial condo units for $14.2 million in 2018.