I-sales recap: West Village rental, Carnegie Hill dirt top list

Long Island developer continues to make moves in Manhattan’s mid-market

Lions Group, ZD Jasper Top New York’s Mid-Market Deals
From left: Delshah Capital's Michael Shah, Lions Group NYC's Aaron Shirian, ZD Jasper's Jasper Wu and Extell Development Gary Barnett along with 100 Christopher Street and 1530 Third Avenue (Getty, Google Maps, ZD Jasper, Extell Development)

In the investment sales market, a West Village rental fetched just $3 million more than it did a decade ago, when Michael Shah’s Delshah Capital paid $27 million for 100 Christopher Street, and Extell Development closed another land deal with ZD Jasper Realty, this one on the Upper East Side.

Queens-based ZD Jasper has arrived in Manhattan with a trio of land deals. In addition to its latest, on East 86th Street in Carnegie Hill, it bought two parcels near Hudson Yards.

​​The trades highlighted last week’s transactions in the middle market, defined as commercial sales between $10 million and $40 million. All are below, ranked by dollar amount.

1. Lions Group NYC bought a West Village building at 100 Christopher Street, with 36 apartments and 70 feet of retail frontage, for $30 million from Michael Shah’s Delshah Capital. Two of the residential units are rent-regulated. As part of the deal, senior lender Santander required the buyer to pay off $1.8 million in principal, according to marketing materials. Delshah bought the property in 2013 for nearly $27 million. The building spans 22,000 square feet. Lions’ purchase comes after private equity giant Carlyle Group bought a stake in a Queens development project from Lions and Fetner Properties in May.

2. ZD Jasper paid nearly $490 per square foot to Gary Barnett’s Extell Development for a 60,000-square-foot development site at the northwest corner of East 86th Street and Third Avenue. The property, at 1530 Third Avenue in Carnegie Hill, sold for $24.5 million, records show. An additional 10,000 square feet of air rights, transferable from an Extell property on Second Avenue, brought the total price to $29 million. Miami-based Pacific National Bank is the senior lender and holds a $14.5 million mortgage. The site last traded in 2021 for $21 million. ZD Jasper has done a spate of land deals in Manhattan lately, including 430 West 37th Street and 501 Ninth Avenue.

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3. Bayrock Capital bought a 128-key hotel being used as a homeless shelter at 44-29 Ninth Street, Queens, from an affiliate of Premium Capital for $24 million. Formerly the Wyndham Garden Long Island City, it was built in 2010. The signatory for Bayrock was Daniel Rabinowitz. Levon Capital lent $17.5 million for the acquisition.

4. Mosdos Satmar BP bought a 35,000-square-foot yeshiva at 507 Ocean Parkway in Kensington, Brooklyn, from the nonprofit Talmudical Mosdos Temima for $20 million. Bank United, based in Miami Lakes, Florida, lent $11.6 million for the purchase.

5. A company tied to Yechiel Newhouse bought a 160,000-square-foot, mixed-use building in Longwood, the Bronx, for $19 million. The 12-story building at 950 Westchester Avenue has 111 apartments, seven offices and two retail units, with tax abatements from ICIP and 421a. The seller was a group of investors led by the Arker Companies. Flushing Bank lent $14 million for the purchase

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6. Truman Management bought two low-income residential buildings for $12.5 million from nonprofit Urban Home Ownership Corporation, located at 1695 and 1705 Hoe Avenue in Crotona Park East, the Bronx. The properties have a combined 88 units.

7. In the wake of a political scandal, the Migdol Organization sold two homeless shelter buildings in Harlem to nonprofit shelter operator Urban Resource Institute for $26 million. The buildings have 75 units combined at 2232 and 2250 Adam Clayton Powell Boulevard. Ohio-based KeyBank financed the purchase. Company founder Gerald Migdol pleaded guilty last year to making illegal campaign contributions to ex-Lt. Gov. Brian Benjamin. Migdol admitted that the donations were a quid pro quo for a state grant for a Migdol charity.