Acquisitions

  • Durst closes on Eichner’s East Harlem site for $91M

    The Durst Organization closed on the acquisition of Ian Bruce Eichner’s distressed East Harlem development site for $90.95 million, and it plans on embarking on a new development plan at 1800 Park Avenue. The Real Deal first reported in June that Durst was in contract for the site — which

  • Swiss pension fund to buy Normandy’s Chelsea office building for $150M

    The U.S. real estate arm of Swiss pension fund AFIAA is in contract to pay $150 million for a 12-story Chelsea office building, just three years after Normandy Real Estate Partners rescued the then-vacant property from foreclosure, sources told The Real Deal. Normandy has been in the process of giving the

  • Engineers Labor Union Sheds Queens HQ for $3.7M

    Commercial Observer reported last November that a Queens-based chapter of an engineers union was looking to sell its long-time New York home in the Richmond Hill area of Queens. CO has learned that the property, at 115-06 Myrtle Avenue, has sold for $3.7 million. Forest Hills-based retail and offices property

  • Sentinel buys three Heller buildings in Brighton Beach for $57M

    Roughly a year-and-a-half after buying a large multifamily portfolio in Brooklyn, Heller Realty has shed three of the buildings for $57 million. Sentinel Real Estate Corporation bought three Brighton Beach apartment buildings — 3100 Brighton 2nd Street, 219 and 231 Brightwater Court — from Heller, sources told The Real Deal. Documents filed

  • DSA to buy 15-story FiDi dorm from Pace for $51M

    Arik Lifshitz’s DSA Property Group is in contract to buy a 15-story dormitory building in the Financial District from Pace University for $51 million, sources told The Real Deal. The private university hired Newmark Grubb Knight Frank in March to market the 75,000-square-foot property at 106 Fulton Street, between Dutch and

  • Meridian Negotiates $110M NYCB Loan for Rockland County Multifamily Buy

    Harbor Group International and Azure Partners landed $110 million in financing for their purchase of Eaves Nanuet, a 504-unit multifamily community located in the town of Nanuet in Rockland County, N.Y., Commercial Observer can first report. The five-year acquisition loan was provided by New York Community Bank. Meridian Capital Group’s

  • All eyes on 23 Wall as retail fixer Jack Terzi buys building

    A landmarked building in the Financial District that has a rich history but has been largely vacant for several years, is finally getting a buyer. Developer Jack Terzi of JTRE Holdings is in contract to purchase 23 Wall Street for an undisclosed amount, according to a report from the New

  • Cheskie Weisz buying Williamsburg dev site for $45M

    Cheskie Weisz’s CW Realty Management is in contract to buy a North Williamsburg development site for $45 million, with plans for a new 140,000-square-foot rental building, The Real Deal has learned. The two adjacent L-shaped lots at 187-201 Kent Avenue and 48-50 North 3rd Street house a pair of low-rise

  • Selling points: Orbach buys portfolio for $17M, Mack pays $27M for Brooklyn building

    Rosewood Realty Group announced the sale of a Section 8 housing portfolio in the Gravesend section of Brooklyn to a subsidiary of the New Jersey-based property owner, Orbach Group for $17 million. The seller was Black Spruce Management. The 51-unit portfolio is comprised of 17 buildings at 2320 through 2336

  • Aion pays $30.2M for Clarion’s stake in 11 East 44th Street

    Aion Partners paid $30.2 million to buy out its partner’s stake in a 135,000-square-foot Midtown East office building. The investment company now owns 100 percent of 11 East 44th Street after buying Clarion Partners’ stake in the building, Michael Betancourt, founding partner of Aion, told The Real Deal. He declined

  • RCR buys two Sunnyside rentals for $49M

    RCR Management picked up a pair of Sunnyside rental buildings for $49 million, or north of $300,000 per unit. The six-story elevator buildings are located at 41-15 50th Avenue and 45-41 39th Place, a few blocks from each other. Together, they have 160 apartments and span 165,000 square feet. Monthly rents

  • GGP, Simon Property win Aeropostale bankruptcy auction

      Aéropostale will live on, thanks to Simon Property Group and General Growth Properties. The two real estate investment trusts are part of a joint venture that on Thursday won a bankruptcy auction for the retailer. The new owners, who will pay $243.3 million, agreed to keep the clothing chain

  • Thor in contract to buy Soho’s James hotel for $70M: sources

      Joseph Sitt’s Thor Equities is in contract to buy the trendy James New York hotel in Soho for $70 million, or $614,000 per key, sources told The Real Deal. At a time when the city’s hospitality market is soft and dozens of hotels are up for sale but few have

  • E&M pays $22M for Chaim Miller’s distressed Crown Heights rental

    Irving Langer’s E&M Associates is the latest firm to buy one of several properties up for sale by Brooklyn investor Chaim Miller. The multifamily giant paid $21.5 million for Miller’s 29-unit rental building at 90 Sullivan Place in Crown Heights, according to property records filed with the city Thursday. Since

  • UWS Property Owner Nabs 65-Unit Sunnyside Resi Building for $20M

    An affiliate of Upper West Side-based RCR Management has picked up an apartment building at 45-41 39th Place in the Sunnyside section of Queens for $19.7 million, according to city records published yesterday. RCR completed the purchase of the six-story rental property between 47th Avenue and Queens Boulevard on Aug.

  • GPB Capital Closes $30M Purchase of Would-Be DoBro Condo Site

    GPB Capital Holdings has finally closed on a $30 million purchase of a development site in Downtown Brooklyn at 211-215 Schermerhorn Street from developer Nicholas Cammarato, 13 months after signing a contract, Commercial Observer has learned. The Chelsea-based asset management company filed plans in February for a 75,000-square-foot, 47-unit condominium

  • Midwood Investment pays $42M for Williamsburg retail condo

    Midwood Investment and Development picked up the 20,000-square-foot retail portion of Williamsburg’s Mill Building for nearly $42 million in an off-market deal. The Midtown East-based firm paid $41.2 million to buy the retail condominium unit at the six-story, 164,000-square-foot property at 85 North 3rd Street, according to property records filed

  • Geisinger Equities Sells Inwood Building to Hillcrest Acquisitions for $9.4M

    Hillcrest Acquisitions has paid $9.4 million for a five-story multifamily walk-up building in the Inwood section of Manhattan, according to information provided by Cignature Realty Associates. The seller was Geisinger Equities. The 37,700-square-foot building is located at 546 Isham Street at Vermilyea Avenue. It encompasses 49 apartments: 32 one-bedrooms, 10

  • Taconic to buy Village office building at 817 Broadway

    Taconic Investment Partners is in contract to buy a 14-story, 114,000-square-foot office building at 817-819 Broadway in Greenwich Village for at least $90 million, sources told The Real Deal.  The developer is planning a repositioning of the property, located at the corner of East 12th Street, sources said. A document obtained by TRD shows that

  • CIM nabs Chicago’s iconic Tribune Tower for nearly $240M

    From the Los Angeles website: Los Angeles-based CIM Group has agreed to buy Chicago’s iconic Tribune Tower for close to $240 million, Tribune Media announced Tuesday. The deal, which is part of Tribune’s ongoing $1 billion real estate sell-off, is slated to close by the end of September, the New

  • Jack Terzi to buy former JPMorgan building at 23 Wall

    A mysterious Wall Street building that has stood vacant for years is getting a new owner. Developer Jack Terzi of JTRE Holdings is in contract to acquire 23 Wall Street in the Financial District for an undisclosed amount, the New York Post reported. Chinese oil company China Sonangol had bought the

  • Thor Sells Mixed-Use Brooklyn Heights Building for $7.6M

    Thor Equities has sold a five-story, 7,569-square-foot Brooklyn Heights building for $7.6 million, according to property records. The sale of 130 Montague Street between Henry and Clinton Streets was to New York City-based Maamin Properties, led by Roy Kirsh. The deal closed at the beginning of the month and was recorded

  • JBL buys LIC site for $25M, plans big box store

    Jacob Khotoveli’s JBL Asset Management snapped up a Long Island City Development site for $24.9 million, property records filed with the city Tuesday show. The 192,792-square-foot site at 28-90 Review Avenue near Newtown Creek and just off the Long Island Expressway is commercially zoned and comes with 385,584 buildable square

  • UES art storage facility at 305 East 61st St. sold for $40M

    Photo via Trulia A storage facility for fine art at the Upper East Side was sold for $40 million. The 11-story building, located at 305 East 61st Street between First and Second Avenue, contains 65,558 of space and 358 individual storage lockers. “Even though this property had some unique challenges

  • Effy Jewelry designer to buy Garment District office building for north of $50M

    A group of investors led by Effy Hematian, the diamond ring designer behind Effy Jewelry, is in contract to acquire a 12-story Garment District office building from Hidrock Realty for north of $50 million, or roughly $650 per square foot, sources told The Real Deal. Hidrock, a development firm led by