Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: Columbus Avenue museum piece asking $50M; Slate selling re-vamped Chelsea apartment building

Museum piece for sale

Cushman & Wakefield has been retained to sell a mixed-use building at 370-374 Columbus Avenue on the Upper West Side. The asking price is $50,000,000.
The five-story elevator building contains 31,125 s/f and consists of 54 residential units and two commercial units.
The retail offers 78 feet of frontage directly across from the American Museum of Natural History where the entrance to a new 220,000 s/f museum addition is planned.
The property also has 30,065 s/f of additional development rights.
This property is being marketed exclusively by Bob Knakal, chairman, New York Investment Sales and Paul Smadbeck.

Slate puts Chelsea apartment building on market

Marcus & Millichap announced today the listing of two contiguous, free market, multifamily buildings in the Chelsea submarket of Manhattan.
The properties, located at 222-224 West 21st Street, contain 27 apartments and 22,320 s/f of space, according to J.D. Parker, district manager of the firm’s New York offices.
The asset, currently owned by Slate Property Group, is valued at $33 million.

222 West 21st Street
222 West 21st Street

The exclusive listing is being handled by investment specialists Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Joshua Grossman, who all work in Marcus & Millichap’s Manhattan office. The two five-story buildings’ 27 units have been fully renovated by Slate Property Group to luxury standards
“In a prime submarket with low building-sale velocity, a new buyer will take advantage of a turn-key asset with very low maintenance requirements,” said Koicim.
“Due to Chelsea’s addition of the Hudson Yards development and the Meatpacking District tech boom, strong growth in Chelsea is anticipated and rents will continue to rapidly rise.”

Valley offering has up-side

Ariel Property Advisors has been retained to sell two 25 ft. wide mixed-use walk-up buildings at 963 and 969 Columbus Avenue in Manhattan Valley.
Situated on the east side of Columbus Avenue between West 107th and West 108th Street, the properties contain 20 units in total. The asking price is $15.95 million.
Exclusive agents Shimon Shkury, Victor Sozio and Josh Berkowitz are leading the sales effort on behalf of the owner, a private investor.
Together, the buildings contain 18 residential units, most of which are three-bedroom apartments, and two commercial units. All of the residential units in both properties are free market and have individual boilers and hot water heaters.
“963 and 969 Columbus Avenue are turn-key properties which will enable new ownership to capitalize on market-rate rents in an established, yet still growing residential and retail area,” said Sozio, executive vice president of Ariel Property Advisors.

Greene Street building fetches $31M

Eastern Consolidated arranged the sale of 49 Greene Street in SoHo, a six-story, mixed-use, elevator loft building with ground floor retail.
The property traded for $31 million, or $1,240 per square foot.

49 Greene Street
49 Greene Street

Peter Hauspurg, chairman and CEO of Eastern Consolidated, represented the seller, Les Pieds Nickle’s Inc., and Deborah Gutoff, senior director and principal at Eastern, along with Robert Dankner, president of Prime Manhattan Residential, represented the buyer, EMP Capital. Gary Meese, senior director of financial services at Eastern, served as the analyst on the deal.
The 25,000 s/f building offers 48-feet of frontage on Greene Street, 14 ft. ceilings in a vacant retail space totaling 4,000 s/f at grade level, and 1,500 s/f below grade; and seven occupied loft apartments, three of which are configured as full floor units.
“This is the first time the entire building has been offered for sale in over 30 years, and presented the buyer with an excellent opportunity to acquire a well-located, mixed-use loft property in the heart of SoHo, one of Manhattan’s most highly sought after sub-markets,” Hauspurg said.
Gutoff continued, “The property includes substantial future upside by repositioning the residential/loft units as condos and leasing the vacant retail component at today’s record high retail rents. Neighboring Greene Street buildings are commanding retail rents as high as $500 per square foot and condominium sales are eclipsing $3,500 and $4,000 per square foot.”
The selling partnership was represented by Jeffrey M. Schwartz, Esq. of Schwartz Sladkus Reich Greenberg Atlas LLP and Adrian Zuckerman, Esq. of Seyfarth Shaw LLP, while the buyer was represented by Ira S. Nesenoff, Esq. of Nesenoff & Miltenberg, LLP.

Bulking up in the Bronx


A major Bronx owner has bulked up his portfolio with a $15.5 million buy.
EPIC Commercial Realty announced the sale of 1100 and 1208 Franklin Avenue in Fairmont-Claremont Village, Bronx.
The sites are located two blocks from each other, between East 166th and East 168th Streets. The package contains two five-story elevator buildings consisting of 90 apartments and 68 parking lots.
The buildings are six years old and are both built at 68,306 s/f each. 1100 Franklin Avenue has 46 apartments and 1208 Franklin Avenue has 44 apartments.
“The assemblage of two beautiful buildings, two garages and community space can offer a great return,” said Epic’s Nissim Oron, who represented the buyer.
Fieldstone Properties represented the seller. The price equares to $170,000 per apartment and a cap rate of over eight percent, according to Yona Edelkopf, CEO of EPIC Commercial Realty.

Jonas makes Kensington trade

GFI Realty Services announced that it has arranged the $11 million acquisition of 175 Ocean Parkway, a four-story, walk-up apartment in the Kensington section of Brooklyn.
GFI director of investment sales Erik Yankelovich represented both the buyer, Jonas Equities, and the seller, a local investor. The majority of the building’s 39 units are currently occupied.
“This transaction represents the consummation of a 1031 exchange, in which Jonas Equities sold 241-245 Ocean Parkway and acquired 175 Ocean Parkway,” said Yankelovich.
The broker has been working with Jonas Equities over the past several months as the company works to realign its investment strategy.
In addition to finding them a buyer for 241-245 Ocean Parkway, GFI arranged their acquisition of several other investment properties, including 147 Ocean Avenue, 115 Ocean Avenue and 15 Crooke Avenue.

Greenwich properties sold

Thomas Torelli of Allied Property Group announced the sale of 125 Greenwich Avenue and 88 Field Point Road in Greenwich, CT.
The three-story mixed use property at 125 Greenwich was sold for $13,500,000.

125 Greenwich Avenue
125 Greenwich Avenue

Goldschmidt Associates represented the purchaser and Thomas Torelli of Allied Property Group represented the seller, JENN Realty.
Fairstone Properties sold 88 Field Point Road to Field Post Associates LLC in a transaction valued at $8.4 million.
The building contains 11,300 s/f of office space and is located in the heart of the downtown office district.
Thomas Torelli of Allied Property Group was the sole broker in this transaction.


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