Investment sales roundup: Midtown office building trades for $1M loss
Waterfront warehouses flipped for 33% gain, while Williamsburg dev site sold for $20M
By: Pat Ralph
Renaissance Properties’ Kenneth Fishel and 62 West 45th Street in Midtown (Getty, Loopnet)
New York City dealmarkers came out of the Fourth of July weekend and drove another busy week of mid-market investment sales to open up the second half of 2022.
Eleven deals for commercial properties between $10 million and $40 million hit city records last week. Four each were in Manhattan and Brooklyn, while two were in Queens and one was in the Bronx. Below are more details on each transaction:
1. Kenneth Fishel’s Renaissance Properties sold an office building at 62 West 45th Street in Midtown for $36 million to IT consulting firm Stellar Services, which plans to fully occupy the 12-story, 44,000-square-foot property, according to Rosewood Realty, which brokered the deal. Renaissance bought the building in 2019 for $37.3 million.
2. Investors including JLL’s Brendan Maddigan and Stephen Palmese flipped a pair of warehouses in Brooklyn’s Columbia Street Waterfront District to Hudson Companies for $22 million after buying them a month ago for $16.5 million. The single-floor warehouses at 129 Van Brunt Street and 42 President Street span 22,300 square feet collectively.
3. Jacob Sacks’ Cayuga Capital Management sold a development parcel at 87 Wythe Avenue in Williamsburg for $20 million to an LLC tied to Brooklyn-based developer Double U Realty. Cayuga had once planned a nine-story office and retail building on the site, before putting it on the market last year for $65 million. The parcel includes a 37,000-square-foot retail building and over 22,000 square feet of vacant land.
4. An entity tied to Brooklyn-based Slope Realty sold a 36-unit apartment building at 575 3rd Street in Park Slope for $20 million to an LLC with an address matching Manhattan-based Triumph Hotels. Built in 1920, the six-story, 32,400-square-foot property last traded in 2006 for an undisclosed amount.
5. A pair of prewar apartment buildings totaling 48 units at 73 and 75 East 3rd Street in the East Village sold for $19.1 million. Yong Hong Guan signed for the buyer, an LLC based in Elmhurst, Queens. The seller was East End Associates. The 22,000-square-foot complex last sold in 2012 for $15.5 million.
6. Vasinee Food Corporation, an importer of Thai food products, bought a warehouse and parking lot at 59-20 56th Avenue in Maspeth, Queens, for $18 million from an entity tied to Hi-Tech Metal Inc. The 36,400-square-foot, two-story building was constructed in 1971 and last sold in 2019 for $6.4 million.
7. A 39-unit apartment building at 227 Riverside Drive on the Upper West Side sold for $17.1 million to LLC’s registered in Great Neck, Long Island. Dinah Rader signed for the seller, an LLC with a Katonah, New York, address. Built in 1898, the seven-floor, 48,000-square-foot property last sold in 1997 for an unknown amount.
8. Terrence Lowenberg’s Icon Realty Management sold a 26-unit apartment building at 410 West 48th Street in Hell’s Kitchen for $16.3 million to an entity called SH 410 LLC. Built in 1930, the nearly 18,000-square-foot property last traded in 2020 for $10.1 million.
9. Andru Coren’s Pace Companies sold a development site at 19 and 29 Clay Street in Greenpoint for $15.1 million. Jacob Kohn signed for the buyer, an LLC. The industrial building at 19 Clay Street dates to 1931 and spans almost 20,000 square feet. Coren filed plans for a 12-story, 60-unit residential building on the site in 2015.
10. Long Island-based Woods Management Company sold a 94-unit apartment building at 955 Sheridan Avenue in Concourse, the Bronx, for $12 million to an LLC tied to Gazivoda Realty Company. Built in 1948, the seven-floor, 92,000-square-foot building last sold in 2002 for an unknown amount.
11. A development site at 31-16 21st Street in Long Island City traded $10.3 million. Both buyer and seller were LLC’s. The 10,000-square-foot lot last sold in 1998 for an unknown amount.