Regardless of price hikes, financial institution failures and no property tax reformimprovement websites proceed to vary arms in New York Metropolis’s mid-market.
4 of the 9 gross sales of economic properties for $10 million to $40 million to hit metropolis data final week have been for belongings that may very well be redeveloped for brand new makes use of. Queens had 4 mid-market offers, whereas Manhattan had three and the Bronx had two.
One notable transaction that fell wanting the midsize threshold was McDonald’s promoting its former location at 136 West Third Road in Greenwich Village for $7.3 million to an entity related to The Comedy Cellar. CBRE’s Dan Kaplan and Justin Arzi represented the fast-food chain within the deal.
The burger joint, which closed in 2021, may very well be in line for redevelopment. The 2-floor, 5,100-square-foot property was final bought in 1973 for an undisclosed quantity.
Under is extra info on every mid-market sale, ranked by greenback determine quantity.
- An entity tied to Success Academy Constitution Colleges purchased a improvement website in Jamaica for $30 million from an entity related to Scott Perlstein.
The event website, which spans about 66,700 sq. ft throughout 11 parcels, is made up of auto dealerships and parking tons that would grow to be a brand new location for Eva Moskowitz’s controversial constitution college community. The parcels have been final bought in 2018 for $11.4 million.
The addresses: 153-01 Hillside Avenue, 153-02 Hillside Avenue153-03 Hillside Avenue, 153-10 Hillside Avenue, 153-12 Hillside Avenue, 87-65 153rd Road, 87-73 153rd Road, 87-77 153rd Road and 87-81 153rd Road.
The state legislature is resisting Gov. Kathy Hochul’s proposal to permit extra constitution colleges within the metropolis.
- An entity related to the social providers group City Useful resource Institute purchased a improvement website at 2351 Walton Avenue in Fordham Heights for $28.3 million from an entity tied to Neal Lazar.
Permits have been filed in 2020 for a 12-story, 62-unit, 39,000-square-foot group facility on the location, New York Yimby reported. The property was final bought in 2021 for $3.4 million.
- An entity tied to Alicia Harper bought an condominium constructing at 271 West eleventh Road within the West Village for $26.8 million to Austin Landow. The four-floor constructing has 11 models throughout 6,700 sq. ft. The property was final bought in 1976 for an undisclosed quantity.
- An entity related to San Francisco-based industrial actual property proprietor Terreno Realty purchased a warehouse at 42-11 Ninth Road in Lengthy Island Metropolis for $23 million from an entity tied to Titan Contracting.
JLL’s Michael Mazzara and Ethan Stanton represented Titan within the deal, whereas JLL’s Dan Morici represented Terreno.
The 55,000-square-foot warehouse has improvement potential of greater than 320,000 sq. ft. Along with industrial and logistics makes use of, the property is zoned for improvement into workplace, studios and life sciences. It was final bought in 2010 for an undisclosed quantity.
- An entity tied to Saratoga Springs-based Prime Group Holdings purchased an industrial website at 2350 Fifth Avenue and 12 West 142nd Road in Harlem for $22.9 million from an entity related to Hidrock Properties.
The positioning consists of a pair of three-floor warehouses spanning about 142,000 sq. ft and a 5,000-square-foot parking zone. It was final bought in 1970 for an undisclosed quantity.
- An entity related to Joseph Riegler purchased a Bronx improvement website at 1351 Jerome Avenue and 1342 Inwood Avenue in Mount Eden for $20.5 million from an entity tied to Dragos Adrian Firescu’s A&A Shifting and Self Storage. Concourse Realty Companions’ David Simone brokered the sale.
Riegler filed plans final Could for an 11-story, 131-unit residential constructing spanning 89,000 sq. ft at 1351 Jerome Avenue and submitted permits in January for a five-story, 105,000-square-foot group facility at 1342 Inwood AvenueNew York Yimby reported.
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The positioning has a 56,000-square-foot warehouse and an 18,200-square-foot parking zone. The properties have been final bought in 2015 for $9 million.
- An entity tied to Daylight Improvement purchased two retail buildings at 42-06 Faculty Level Boulevard in Flushing for $13 million from an entity related to Kepco Energy Provides. The 2 properties span 21,500 sq. ft.
- An entity related to Settlement Housing Fund and CB Emmanuel Realty purchased 5 multifamily buildings at 104 West 114th Road102 West 114th Road, 100 Lenox Avenue, 202 St. Nicholas Avenue and 208 St. Nicholas Avenue in Harlem for $10.8 million from an entity tied to the West Harlem Group Group Inc.
The properties encompass 77 models throughout greater than 75,000 sq. ft. Information present they have been final bought in 2009 for a mere $45,400.
- Entities tied to B Sq. Realty and developer Grasp Dong Zhang purchased the Steinway Lodge at 24-40 Steinway Road in Astoria for $10.7 million from an entity related to the Tremendous Lake Lodge.
The 38-key lodge, which has a 4-star score from 50 Google reviewers, one among whom referred to as it the “greatest lodge in Little Egypt,” has six flooring and 14,200 sq. ft. It was final bought in 2015 for $2.7 million.
The Tremendous Lake solely bought three stars.
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