Lalezarian nabs Kips Bay property to lead midsize i-sales

Multifamily properties and development sites dominated New York City’s mid-market sales last week.

All six transactions involving commercial properties valued between $10 million and $40 million to hit city records included apartment buildings or sites to build them. Manhattan had four deals and Queens had two.

Below is more information on each sale, ranked by dollar figure amount.

1. The New York City School Construction Authority bought a former Catholic high school at 123-15 14th Avenue in College Point for $36.9 million from the Sisters of the Order of St. Dominic.

The seller was represented by a CBRE team led by Dan Kaplan.

A proposal was submitted to construct a 659-seat high school on the 48,000-square-foot site by 2026, QNS reported. The three-floor, 68,400-square-foot building was home to St. Agnes Academic High School until it shuttered in 2021 — part of a wave of Catholic school closures caused in part by the rising popularity of charter schools.

2. An entity tied to Lalezarian Properties bought an office building at 650 First Avenue in Kips Bay for $33.5 million from an entity connected to Princeton International Properties.

Lalezarian plans to convert the eight-story, 92,800-square-foot office property into a 111-unit, 139,000-square-foot, mixed-use building, Commercial Observer reported. NYU Langone Health’s internal medicine offices are housed in the building, which was last sold in 2000 for an undisclosed amount.

3. An entity connected to Willowick Properties sold a mixed-use building at 217 Thompson Street in Greenwich Village for $31.6 million to an entity tied to Eli Partners. The seven-story property has 47 units across 25,000 square feet. Debutea tea shop appears to be the ground-floor tenant.

4. An entity tied to Dr. Maria Kempf sold an apartment building at 14 East 69th Street on the Upper East Side for $18.3 million to House 69th Street LLC. The four-floor, five-unit building spans 11,200 square feet.

5. An entity connected to Westbrook Partners bought an apartment building at 153-155 Norfolk Street on the Lower East Side for $16 million from an entity connected to Ronen Glazer. The six-floor, 50-unit property was last sold in 2005 for $7.2 million and spans 22,500 square feet.

6. An entity tied to Weitao Shi bought a development site at 43-05 Crescent Street in Long Island City for $10 million from an entity connected to Antranig Uckardes. The site, which is home to a two-story, 4,400-square-foot auto repair shop, was last sold in 1998 for an undisclosed amount.