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  Newsletter


5/12/2024

Notable Weekly Commercial Sales

Friday, May 10, 2024

70 Wyckoff Avenue in Brooklyn sold for $12.75 million. The sellers were Jorden and Alan Goldman and the buyer was Nuchem Obstfeld. Nuchem has also bought buildings in the East Village in the past 2 years. The Wyckoff property is 62,075 SF and sits on a 21.100 SF lot in a M1-1 (manufacturing) zoning. While the 52 unit elevatored building has no rent regulated units, it is classified as Artists in Residence.

Thursday, May 9, 2024

60 Second Avenue in Manhattan sold for $6.5 million to the Sabet Group. The 26 unit property has 23,634 SF and is in the East Village Historic District. The same buyer also purchased 58 Second Avenue for 4.5 million and took a mortgage on both for $7.15 million with Citizens Bank.

Wednesday, May 8, 2024

706 Driggs Avenue in Brooklyn sold for $6.5 million in conjunction with 708-712 Driggs Avenue and a few additional adjacent lots on South 1st Street. The buyer is developer Shiraz Sanjana & family members. The lots total about 8,500 SF in a low density R6B residential zoning (2 FAR).

Tuesday. May 7, 2024

124 West 36th Street in Manhattan sold for $10 million. The buyer is Yosef Nazar. The 28,000 SF office building is just off Broadway and sits on a 4,114 SF lot in a M1-6 zoning (10 FAR). Yosef (who also goes by Joseph) has been an active buyer in the Garment District.

Monday, May 6, 2024

45-40 Vernon Blvd. in Queens sold for $47 million in conjunction with 45-28 Vernon Blvd. The buyer is Jasper Wu of ZD Jasper Realty. The 2 lots have a combined 38,650 SF between them and are in a M1-4 (manufacturing) zoning. The previous owner, Baron Property Group, obtained a variance to build 192,500 SF residential building with 202 units. 

Friday, May 3, 2024

9814 Ditmas Avenue in Brooklyn sold for $12.5 million. The seller was Emilio Lamanna of New Ditmas Realty (c/o Almar Supplies) and the buyer was Hollingshead Materials LLC, a Tennessee based Cement company, which paid all cash. The 9,500 sf property sits on a 54,500 sf lot in an M1-1 zoning.

Thursday, May 2, 2024

76 8th Avenue in Chelsea sold for $44 million, the amount of its mortgage. The lender G4 is the new owner of the brand new building on 8th Avenue and 14th Street, just a block away from Google’s NYC Headquarters. The lot was previously sold for $18 million in 2019. The 10 story glass office building is about 34,400 SF.

Wednesday, May 1, 2024

1370 6th Avenue in Manhattan sold for $161 million to Barings LLC.  The seller was Principal Real Estate Investors who had paid about $198 million in 2006 to acquire the property. There was a $150 million mortgage on the property with Mass Mutual since 2014, which probably could not be refinanced in 2024. Mass Mutual is the parent company of Barings, LLC.  The office property is on 6th avenue and 56th Street and is approximately 311,500 SF. It stands thirty two stories high and the top floors have views of Central Park.

Monday, April 29, 2024

24 Avenue B in Manhattan sold for $43 million. The seller was  Skyline’s Orin Wilf and the buyer was Benchmark Real Estate. The corner building (East 2nd Street and Avenue B) has 77,000 SF and 64 units. The retail is occupied by Walgreens (Duane Reade).

Friday, April 26, 2024

426 2 Street in Park Slope, Brooklyn, sold for $4 million. The free market four family property is 5,340 SF and has been in the same family since 1970s. The seller was the estate of Judy Thomas and the buyer is 426 Holdings LLC, who did not get a mortgage. The property is of off 6th Avenue in a low density R6B zoning.

Thursday, April 25, 2024

222 Broadway in downtown Manhattan sold for $147.5 million to TPG Management. Their local partner is rumored to be GFP who has been active downtown since he bought 40 Exchange Place and 7 Hanover Square a few years back. The previous owner had paid $502 million for a 95% stake in 2014 for the 756,138 SF building that has Zara and Chase Manhattan retail branch as tenants. BoA had owned and occupied most of the building for many years but vacated some time ago.

Wednesday, April 24, 2024

1740 Broadway in Manhattan finally sold for $186 million. The Blackstone Group gave the keys to the new owner, Isaac Hera’s Yellowstone Group. Blackstone had gotten a $308 million CMBS mortgage for the 519,600 SF building (SW corner of 56th Street) in 2014, when it purchased it for $601 million. So in essence the CMBS bond holders sold the mortgage for a big discount.

1690 East New York Avenue in Brooklyn sold for $20m to Carlyle Group. The property is a 61,950 SF four story self storage building operated by Life Storage. The corner building is also known as 163 Sackman Street and was built in 2019. The seller was Marc Sharinn’s SNL Storage. This sale is a part of a portfolio SNL is selling to Carlyle.

Tuesday, April 23, 2024

6389 Broadway and 6393 Broadway in the Bronx sold to the NYC Construction authority for $9.2 million. An additional adjacent property sold for $3,45 m.  The seller is Vishal Patel’s VC Lodging LLC who operated a motel at the location. The reports are that the 32,000+ SF lot in the low density R6 residential zoning will be converted to an elementary school.

Monday, April 22, 2024

99-44 62nd Avenue in Rego Park, Queens sold for $5,8 million to Abraham Kassin of Kassin Sabbah Realty. The previous owner, Dr. Golyan of Golyan Enterprises, had paid $10.9 million and gotten a $6.5 million mortgage from Banco Popular in 2008. The rent regulated property has 62 units and is 55,300 SF.

Friday, April 19, 2024

45 West 87th Street, a rent regulated building in the Upper West Side of Manhattan, sold for $3 million. The sellers were the Wydra family and the buyer was Dr. Shirley Bassiri-Tehrani of Great Neck, NY. The 4 story, 20 foot wide 10 unit building is about 6,420 SF and is in the UWS/ Central Park Historic District. Zoning is R7-2.

1117 Westchester Avenue in the Bronx was sold for $5,1 million to FRESB 2017-SB 35. The 32 unit rent stabilized 31,520 SF property was refinanced by the previous owner, Samuel Jacobowitz, in 2017 with a $4,8 m. mortgage. The mortgage was put into a CMBS pool. The new owner, FRESB 2017-SB 35, c/o Berkley Point Capital, seems related to the lender, Cantor Commercial, aka Newmark.  

Thursday, April 18, 2024

10-03 40th Avenue in LIC, Queens sold with 38-67 10th Street and 38-78 11th Street for $14 million. The 3 lots are approximately 9,000 SF, 2,250 SF, and 11,600 SF respectively. The M1-3 manufacturing zoning allows for 5 times FAR or approximately 112,000 buildable SF. The buyer is UBC LIC LLC (Urban Builders Collaborative ). The UBC and its CEO Mark Alexander is known for working with non profits on affordable housing, mostly in the Bronx and Brooklyn. UBC paid all cash and took no mortgage.

Wednesday, April 17, 2024

518 86th Street in Brooklyn sold for $3.2 million to Dr. Mohamed Hassan. The property has an office and residential units above. The 4,950 SF property is in the Brooklyn Ridge Special District and is in a C4-2A zoning. The lot size is 2.010 SF and based on the 3 FAR, the 20 foot wide property can be built up to 6,000+ SF.

Tuesday, April 16, 2024

104-15 Queens Blvd. in Forest Hills, Queens sold for $25 million to Nat and Ronit Elishaev of Forest Hills. The 23,780 SF retail property has 10 stores (including a Chase Bank branch and a Walgreens) and a parking lot and is at the corner of 69th Road. The irregular lot is over 40,600 SF and is in a R7-1 zoning that allows for 3.4 FAR as of right. The location is close to a few recent high end condo developments in Forest Hills and is potentially a development site.


Monday, April 15, 2024

129 W 29th Street in Chelsea sold for $31 million. The seller was Samson Management  and the buyer was the non-profit Universal Communications Network Inc. (aka New Tang Dynasty Television)  who owns nearby on W 28th Street. Zhong Tang of Universal Communications got a $23.3 m mortgage from the International Bank of Chicago for the deal. The property is a 12 story, 85,870 SF office building, located in a M-1 manufacturing/ commercial district. Samson had paid $54 million in 2012 for the building.

Friday, April 12, 2024

44 Remsen Avenue, 465 Utica Avenue and an adjacent vacant lot in Brooklyn sold for $11.4 million to Israel Lunger. The seller was Robert Frisoni. The 3 lots have a combined 36,500 lot area in a C8-2 (2 FAR) zoning. The properties used to house a taxicab open air parking lot and the Utica Taxi Center and are across from a Cube Smart self storage facility. Israel, whose family owns Monsey Trails bus company, took a $8.2 million loan from the Empire State Development Corporation and the NYBDC Development Corporation.

Thursday, April 11, 2024

253-255 West 15th Street, 236 West 15th Street, 188 6th Avenue and 82 Washington Place in Manhattan were sold for a combined 60 million. The Brodsky family sold the properties to Jesse Hutcher’s Derby Copeland Capital. The rent regulated properties have a total of about 98,000 SF and over 180 units. In 2021 Copeland Capital lent Brodsky a total of about $58 million on the same properties.

Wednesday, April 10, 2024

1940 Jerome Avenue in the Bronx sold for $7.4 million to the affordable housing provider Westhab. Melissa Bindra of Vaya Development will develop the project. The seller was a team Bindra and Steven Chera, who had filed permits for a 77,854 SF affordable housing in 2022 as per NY Yimby.

Tuesday, April 9, 2024 

112 Liberty Street in Manhattan sold to Xiaogang Wang of Hiwin Group for $21.7m. The seller was Hidrock Properties, who had borrowed $23.5 million from Emerald Creek in 2021. The 6,100 SF lot is in C5-5 zoning that allows for 15 FAR commercial and 10 FAR residential development for a total of about 92,000 buildable SF.

Monday, April 8, 2024

193 3rd Avenue sold for $3.7 million to Majid Kahen and Alex Kahen of Kahen Properties. The midblock property previously sold in 2016 for $7.7m. The 7,000 SF property sits on a 2,300 SF lot in the high density C1-9 zoning (10 FAR residential zoning or 23,000 buildable SF). The Kahens have been buying on 3rd Avenue and are long term holders and occasional developers. The previous owner had borrowed $6.7m in 2016 to acquire the property.

Friday, April 5, 2024

868 Broadway, a commercial condo unit, was sold for $5.3 million to Chris Guo of Guo 2017 Family Trust. The lot is approximately 2,375 SF and the unit is about 4,530 SF on floors 2, 3 and 4. The seller was Douglas Day of 868 Broadway Corp. The property is just south of 18th Street in the Union Square area and is the upper floors of a 4 story building.


34-50 35th Avenue in Astoria, Queens sold for $13.3 m to Sal Lucchese of the L Group. Sal is a local Astoria owner. The rent regulated residential building has 72 units and is about 52,000 SF and sits at the corner of 28th Street and 35th Avenue. Citi provided a $9 m mortgage.

Thursday, April 4, 2024

151 W 170th Street in the Bronx was sold at foreclosure auction for $8.5 million. The purchaser, 170TH STREET PARTNERS LLC, was represented by Leech Teechman Robinson Brog. The previous owner, Norman Realty and Construction Corp, had taken a $6.9 m. loan from Harold Sherr’s 151 E 170th Lender LLC. The property is a corner 9,700 SF one story supermarket in an R8A (6 to 7.2 FAR) zoning.

Wednesday, April 3, 2024

45-41 Furman Avenue in the Wakefield section of the Bronx sold for $10.5 million to Jerrico Furman Housing Development Fund LLC. The non-profit developer got close to $16 m loan for the 24,850 SF, one story property. The lot is in a R7D contextual zoning and allows for 5.6 FAR for inclusionary housing or approximately 139,160 buildable SF. The seller was Adi Altmark who had bought the property in 2018 for $3.6 m.

Tuesday, April 2, 2024

182 Franklin Street in Tribeca sold for $15m to Renanin RE Investments LLC. The seller was the estate of the famed architect Thierry Despont. Mr. Despont, who passed away in 2023, had converted the property to a 1 family building. The property is approximately 8,500 SF above grade on a 2,000 SF lot in a C6-2A zoning within the Tribeca West Historic District.

Monday, April 1, 2024

240 North Fifth Street in Williamsburg, Brooklyn sold for 6.15 million to Shoko Property LLC and N 5th II LLC. The seller was Alex Lebowitz’s Partners Path and the buyer was a group of Roslyn, LI investors including Raymond Aboody, Sabah Shemel and Danny Mashal. The 6230 SF, 8 unit wood frame property was renovated in 2016. It is in a low density R6 zoning and all units are free market. The previous owner owned it since 2018 and had paid $4.7 million.  

Friday, March 29, 2024

746 9th Avenue sold for $7.2 million to Edward Ostad, a real estate investor and co-founder of lending platform Flatiron Realty Capital. Additionally, he paid $5 m for 723 11th Avenue, $4.5m for 714 Greenwich Street and $5.2 m for 301 E 90th Street. The total package price was 21.9 million. The seller was Danielle Downing of Nashua, New Hampshire. Dr. Ostad got a $14.5 million mortgage to finance the portfolio purchase from Amalgated bank. 746 9th Ave is a 9,725 SF, 723 11th Ave is 10,035 SF, 714 Greenwich is 6,155 SF and 301 E 90th Street (aka 1732 2nd Ave) is about 8,900 SF for a total of 34,800 SF. All four have RS units. Total price comes to about $630 PSF.

Thursday, March 28, 2024

214 to 218 Atlantic Avenue (off of Court Street) in Brooklyn sold to investor Moishe Koplowitz for $10.6 million. The seller was Abe Cohn’s Conway Capital. 214-218 Arlantic Avenue is about 13,112 SF on a 62 x 76 foot lot. The property previously sold for $9 million in 2021.

Wednesday, March 27, 2024

97-99 Claremont Avenue in the Morningside Heights section of Upper Manhattan (a few blocks from Columbia University) sold for $38 million to developer Sam Charney’s Charney Companies. The seller was Riverside Church, which in 2018 had paid $46.5 million for the 78,400 SF student dorm.

Tuesday, March 26, 2024 

220-228 E 9th Street, between 2nd and 3rd Avenue in Manhattan was sold for $14m. The 4 story East Village 22,000 SF parking garage used to house a Budget Rental Car agency. The lot size is 7,875 SF in an R8-B zoning, which allows for 4 FAR or 31,500 SF. The seller is Walter & Samuels and the buyer is Roger Bittenbender’s Arcus Development LLC. .

Monday, March 25, 2024  

181 Lombardy Street in Greenpoint sold for $11.9 million to San Francisco-based public company Terreno Realty Corporation. Seller was Henry Burney. Terrano has amassed 43 mostly industrial buildings in the TriState area. 181 Lombardy is 24,000 SF warehouse on a 30,000 lot in M3-1 zoning (2 FAR).

159 Franklin Street in Greenpoint, Brooklyn sold for a whopping $6.1 million or over $2,000 PSF. Lot size is 2,375 SF. The corner 4 story building is about 3,000 SF and is in a low density R6B zoning. It has a retail unit, a 3 family on top plus multiple parking garages on India Street. Dan Hedaya of Dax Real Estate is the seller and Lawrence Ben Pomeroy of Cody Projects LLC is the buyer. Maybe the garages can be turned into a recording studio?

Friday, March 22, 2024

97 Grand Avenue in Clinton Hill, Brooklyn sold for 27.5 million. The seller was Madison Realty Capital and the buyer is Witnick RE Partners. The property was built in 2007 as a 60,210 SF apartment building with 62 residential units. Madison Realty had taken over the property in 2017 from the original owners, Harry Miller and Sam Sprei, and had gotten a $25 million mortgage at the time.

Thursday, March 21, 2024

213 Park Avenue South (between 17th and 18th Street) sold for 10.5 m to Japanese brand Ippodo Tea. The 10,580 SF building is on a 25 feet wide and 115 feet deep lot in a high density zoning of C6-4A/R8B (10 FAR).

826 Crown Street in Crown Heights, Brooklyn sold for $4.8 million. Tamir Shadian of Kenlow Realty LLC is the buyer and Barberry Rose Management Company (BRM) is the seller. BRM started selling some of its RS portfolio at discount in 2023. 826 Crown Street was last sold in 2018 for $11.5m. It is 52.800 SF and is in a R7-1 zoning.

Wednesday, March 20, 2024

44 Hudson Street in Tribeca sold for $9.6 million to 44 HUDSON HOLDINGS LLC, a company owned by George Yancopoulos, the co-founder and president of the biotech company Regeneron .Mr. Yancopoulos’s companies have acted as real estate lenders in NYC the last few years. The previous owner of 44 Hudson had defaulted on the 11.1 m loan made by Columbia Pacific Advisors, a Seattle, WA lender . The property is about 10,800 SF above grade and sits on a 25 wide lot. 

Tuesday, March 19, 2024 

141 Meserole Avenue in Greenpoint, Brooklyn was sold by the Related Companies for $2.6 million. The buyer is Elliot Sohayegh. The 7,500 sf property sits on a 2,500 SF lot in a low density zoning (R6). Out of the 8 units, 3 are rent regulated. Related had bought the property as a package with others from Silvershore Properties in 2015.

Monday, March 18, 2024  

225 West 39th Street in the Garment District sold for $22.2 million. The 88,100 SF, 12 story office building sits on a 7,357 lot in a M1-6 zoning. The seller was David Berley’s Walter & Samuels and the buyer is Gotham 225 West 39th Street, LLC.

Friday, March 15, 2024

175 Spring Street in Soho sold for $21 million. The seller was Extell who took over the portfolio of Metropolitan Lumber. This is the second sale in the portfolio (after the Scores sale in Chelsea in 2023). The property was built around 1900 as an electric power house sub-station. It is an L shaped lot with a sidewalk curb cut on Thompson Street. Close to 20,000 buildable SF above grade with mechanical allowance; 4,000+ SF basement; Current Building Size is 13,816 SF. The buyer is Glass Stone Properties LLC, a user.

207 Broome Street (Commercial Condo Unit 4) sold for 20.2 million. David Picket’s Gotham Organization was the seller. William Ho, the President of the Chinese American Planning Council, signed for the buyer. The buyer’s entity was CPC Headquarters. Inc.

Thursday, March 14, 2024

8 East 63rd St, a Two Family home, sold for $21 million. The seller was 8 East 63rd Street LLC and the buyer was A P East 63rd Street LLC. It is a 25 foot wide, approximately 10,000 sf townhouse just off of 5th Avenue. Conversion/ upgrade play?

Wednesday, March 13, 2024

291 Livingston Street in downtown Brooklyn was sold to St. Louis-based Midas Hospitality for $34.9 million in a bankruptcy auction. Hello Livingston Extended LLC, controlled by Abraham Leifer, was the original developer. The hotel was was close to being complete - 21 floors and about 46,000 SF.

Tuesday, March 12, 2024 

814 Manhattan Avenue in Greenpoint, Brooklyn was sold by Dime Community Bank to Peak Capital Advisors for $4.2 million. The bank occupies the retail and had owned the 6,000 SF, five unit, four story corner building since 1995. Webster Bank was the lender for Peak.

Monday, March 11, 2024

459 Smith Street in Gowanus, Brooklyn traded hands. Toronto based H&R REIT acquired 75% stake in the property for $76.5 million through the entity Hr Dc Smith Street Owner Lp. The seller was All Year Management. The REIT has been involved in the property since 2022, when it filed permits for a project with three buildings and about 735,000 SF on the 166,000 SF lot facing the Gowanus Canal.

Friday, March 8, 2024

94 3rd Place in Carroll Gardens, Brooklyn was the largest sale this Friday. It clocked in at $7.5 million and the seller was Chaim Yosef Abramson of 94 3rd Place Realty LLC.  Mr. Abramson bought the property in March, 2022 for $3.5 million and turned it from a four family to a one family house. The buyer is Alexandra Kosslyn, who used to run IR for investor Bill Ackman's Pershing Square.

Thursday, March 7, 2024

147 East 116th Street sold to NYC Harlem Realty LLC Srinivasa Rao Tummalapenta for $3.1 million. The seller was Abraham Abadie and Menachem Mitnick of 147 E 116th Street AMS LLC. The buyer’s attorney was Daniel Rothman and lender - Provident Bank.

Wednesday, March 6th, 2024 

252 to 258 3rd Avenue (corner of E 21st Street) sold to Victor Sigoura’s Legion Investment Group for $68.3 million. The four walkup buildings will be demolished. The zoning for the 6,900 SF lot allows 10 FAR or 69,000 buildable SF. Additional Air rights were also bought from 38 Gramercy Park North on March 6th for $4.2 m. There is also a plaza bonus that the developers may use.

Tuesday. March 5, 2024  

The retail at 140 East 56th Street (and Lexington Avenue) sold for $6m to MacArthur Capital Group.  The buyer’s entity was Mp 667 LLC and the seller was Lynn Schneider through the entity 56th Lexington Holding. Ms. Schneider of Schneider & Schneider has been selling NYC real estate over the years. Moving to Florida?

Monday, March 4, 2024 

2300 69 Street, 2250 E 69th Street and one adjacent lot in Bergen Beach, Brooklyn sold for $16.6 m to Industrial developer Andrew Joblon’s Turnbridge Equities  The Buyer’s entity is  2300 69 Street Property LLC and the seller was Peter K. Tully of Tully-Willets Realty Co. The lot is approximately 109,000 SF in an M1-1 zoning.

549 Meeker Ave in Greenpoint, Brooklyn sold to the Carlyle Group   and Greenbrook Partners for  $4.6 million. The buying spree continues?

Friday, March 1, 2024

Walgreens Corporate sold 3575 Boston Road in the Williamsbridge section of the Bronx, to Winston Lopez of the White Plains’ based LA VENTELLA REALTY LLC. The sale price was $6 million for the 10, 495 SF property that stands on a 22,155 SF lot. Parking is available at the corner location. The R5/C8-1 zoning allows for residential or commercial use after the Wallgreen’s lease expires. The property was advertised as a high performing Wallgreens store location. 

Thursday 2/29

 Avi Hiaeve, a luxury watch dealer, bought 5 E 59th Street for $26,7 million through the entity 5 East 59th Street Holdings LLC. 5 E 59th Street is a 38,052 SF office building on a 5,000 SF lot in the Plaza District, directly to the north of the GM building. The office building benefits from a high density zoning (C5-2.5). In the past it fell victim to exuberant optimism – it was sold in 2012 for $37,3 million and again in 2015- this time for $85 million. United Overseas Bank was the lender to the previous owner, while the new owner got a $18,2 million bridge loan from Cerco Bridge Loans 6 LLC.

Wednesday 2/28 

Retail Investor Jeff Sutton’s Wharton Properties through the entity 11-10/12 154th Street LLC sold for $3 million two vacant lots at 11-08 and 11-10 154th Street with areas of 6,550 SF and 8,015 SF, respectively in the Whitestone area of Queens. The lots are in a low density mixed use zoning (R2A/R3) with C1-2 commercial overlay. The buyer is the Little Flock Church of Woodside, NY, which paid all cash.

Monday 2/26

Gina Argento of Film Studio Company Broadway Stages paid $4 million for 33-55 34th Avenue in Astoria. The property is a former Walgreens store on a 7,600 lot in a R5 zoning (with C1-2 overlay). The buyer entity is 3355 Walgreen Crescent Corp. and the seller is the LI based Petrakis Realty Group

Friday 2/23

Investor/ Broker Aaron Jungreis, through the entity 175th Associates LLC paid $4.82 million to Jeffrey Farkas of Farkas Management for the property at 560 W 175th Street in the Fort Green section of Harlem. The 5 story property is 56,300 SF, was built in 1930 and contains 60 residential and 2 commercial units.