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Deals & Dealmakers

SELLING POINTS: Rudder sells 2 full floors at 420 fifth Ave.

Witkoff sells office condo for $52M

Rudder Property Group announced the sale of two full floor office condos at 420 Fifth Avenue totaling $52.4 million.

Ziff Brothers Investments purchased the entire fifth floor (33,058 s/f) for $27.3 million.

The company, which currently leases offices at 350 Park, plans to use the space as its new headquarters.

Brian Gell, vice chairman at CBRE, represented Ziff Brothers Investments. Michael Rudder and Mike Heller of Rudder Property Group represented the seller, Witkoff.

“After leasing several different spaces across the city, Ziff Brothers Investments recognized the long-term benefits of office ownership, including the ability to invest in its own custom build out,” said Rudder.

In the second transaction, Mediterranean Shipping Company purchased the entire fourth floor at 420 Fifth Avenue (33,058 s/f) for $25.1 million.

The shipping and logistics company currently owns two floors at the building totaling 50,000 s/f. The new space will be used for additional offices as the company continues to expand.

Diego Rodinó di Miglione, managing director at Cushman & Wakefield, represented Mediterranean Shipping Company . Michael Rudder and Mike Heller represented the seller, Witkoff.

Said Rudder, “The company has benefitted from an astronomical appreciation of over 300 percent … and is confident it will continue to experience tremendous appreciation of value with the purchase of the additional floor.”

Kushner buys Soho retail

Kassin Sabbagh Realty announced the sale of a retail condo at 285 Lafayette Street in Soho for $39.75 million.

Ralph Tawil and Ben Ashkenazi sold the condo — which they bought for $36.25 million in 2015 — to Kushner COmpanies.

Isaac Setton, Bunny Escava and Ally Dayon of KSA represented the sellers.

The 31,500 s/f condo includes 12,500 s/f on the ground, 9,000 s/f on the lower level and 10,000 s/f in the subcellar.

Current tenants include Pravda, an Equinox gym, tattoo parlor Soho Ink, Italian cosmetics company Santa Maria Novella, and the Mulberry Street branch of the NY Public Library.

Jemal Family buys apartment portfolio

Marco Lala at RM Friedland has brokered the $30.5 million sale of a nine-building Hamilton Heights apartment portfolio.

With 107 units totaling 91,395 s/f, the deal encompasses two clusters of multi-family buildings at West 141st Street: 606, 610, 614 and 622 Saint Nicholas Avenue and 129, 133, 135, 137 and 139 Edgecombe Avenue.

“This was the first sale for these family-owned properties in nearly 30 years, and we were thrilled with the reception,” said Lala.

The buyer was the Jemal Family’s ICER Properties. The seller was Marlena Demenus’ Sky Lake Partners.

According to Lala, the growing student population in Hamilton Heights made the income-producing listing attractive for potential buyers.

The deal encompassed 105 residential units, two commercial units, a cell tower and a superintendent’s unit.

Hells Angels HQ becoming a rental

Lower East Side and East Village landlord and property management company, Better Living, has purchased the former Hell’s Angels headquarters at 77 East Third Street.

Better Living, which already owns a large portfolio in the neighborhood, plans to convert the building into a mixed-use rental.

Rentals in this building are slated to hit the market by the end of 2020 after a $2 million gut renovation.

Plans call for 22 one and two bedroom luxury units priced around $3,500 a month and two retail spaces on the ground floor.

Capital Property Partners Daniel Rahmani, Michael Saidian and Rubens Jourdan brokered the off market deal for $10 million.

The new owners, Ariel and Jonathan Soudry, acquired the historic property via a contract flip from Nathan Blatter of Whitestone Realty Group.

Capital Property Partners represented both Better Living and Whitestone Realty Group.

Rego Park retail strip trades for $13M

Marcus & Millichap announced the sale of a four-tenant retail building located at 96-41 Queens Blvd, Rego Park, NY.

John Krueger, vice president and regional manager of Marcus & Millichap’s Manhattan office, said the property sold for $13 million.

The transaction was brokered by Michael Kook, of the firm’s Manhattan office. Kook secured both the seller and the buyer.

“Core Queens retail properties with upside such as this one are rarely made available. The seller achieved a very strong price and the buyer will capitalize on the upside in the near future,” said Kook.

The 9,000 s/f property is situated on 0.2 acres i. Current tenants include Chic’s Place, Paris Baguette, Dunkin Donuts and Rouge Nail.

Bronx medical office building for sale

Rockfield Group has tapped Holliday Fenoglio Fowler to sell a 12,400 s/f Class A medical office building in the Bronx.

Redeveloped in 2019, the building at 1888 Westchester Avenue is priced at $35 million.

The property is fully leased on a triple-net-lease basis to Zwanger-Pesiri Radiology under a 25-year firm lease with a full corporate guarantee.

Founded in 1953, Zwanger-Pesiri Radiology is the largest non-hospital provider of medical imaging and radiology services in New York.

The building offers accessibility via the Cross Bronx Expressway 95, the 6 train and the Westchester Avenue / Virginia Avenue bus station.

HFF’s Rob Rizzi, Ben Appel and Marc Mandel are handling the assignment.

Midtown East site hits market

Ariel Property Advisors has been retained to sell 710 3rd Avenue, a development site in Midtown East. The asking price is $17.9 million.

Located on the west side of 3rd Avenue between 44th Street and 45th Street, the 25 ft. by 95 ft. vacant lot offers C5-3 zoning with a 15.0 commercial FAR and a 10.0 residential FAR, allowing for 35,625 buildable square feet, as-of-right, for a mixed-use commercial, residential or hotel project.

Uses may also include live-work environments, as well as shared space directed at residential or professional users.

Howard Raber, Shimon Shkury, Victor Sozio, Matthew L. Gillis and Jack Moran are representing the seller, who has approved plans for a 40,335 s/f, 17-story mixed-use office building.

Midtown Manhattan is already one of the largest business districts in the world, but recent rezoning is promoting significant transformation and growth.

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