Transfers

Minamoto Kitchoan pays $45M to Riese Organization for property in Plaza District

Minamoto Kitchoan through the entity Minamoto Kitchoan, Co., Ltd. paid Riese Organization’s 604 Fifth Owner, LLC $45 million for 604 5th Avenue in Plaza District. The deal closed on April 8, 2021 and was recorded on April 16, 2021. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4)The property is 18,000 square feet. The parcel(s) have total development…

Madison Realty sells stake in Sunset Park site to New Gables Capital for $41.6M

New Gables Capital Ngc Sy Mezz, LLC acquired an interest from Madison Realty Capital through the entity 341-353 39Th Street Holdings Ii, LLC valued at $41.6 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 341 39th Street in Sunset Park. The deal closed on April 13, 2021 and was recorded on April 16, 2021….

InSite Property pays $18M to Home Depot for 136K development parcel in Maspeth

InSite Property Group through the entity 59-02 Borden Ave, LLC paid Home Depot’s Home Depot U.S.A., Inc. $18 million for N/59-02 Borden Avenue in Maspeth. The deal closed on March 29, 2021 and was recorded on April 16, 2021. The transaction consists of 1 parcel. The property has 136,084 square feet of development rights. Home Depot bought 59-02 Borden Avenue for $63 million in 2017,…

McSam Hotel Group affiliate pays $11.2M to DW Partners for property in Flushing

An affiliate of the McSam Hotel Group and Sunlight Development through the entity Main & Northern Partners LLC paid DW Partners’s Hajjar Medical Office Building Of Flushing, LLC $11.2 million for 135-25 Northern Boulevard in Flushing. The deal closed on March 31, 2021 and was recorded on April 16, 2021. The transaction consists of 1 parcel, including the tax class church, synagogue, chapel (M1). The…

Yung Ching Siu pays $6.7M for industrial in Bushwick

Yung Ching Siu through the entity 900 Wyckoff Avenue Industrial LLC paid Constance Tinneny’s 900 Wyckoff Avenue, LLC $6.7 million for 900 Wyckoff Avenue and 932 Wyckoff Avenue in Bushwick. The deal closed on March 26, 2021 and was recorded on April 16, 2021. The transaction consists of 2 parcels, including the tax class car sales/rental without showroom (GU). Direct link to Acris document. link…

L3 Capital pays $4.8M for parking lot in Williamsburg

L3 Capital through the entity L3 N 6 Assemblage LLC paid Daniel McCarthy’s 55 North 6, LLC $4.8 million for 55 North 6th Street in Williamsburg. The deal closed on April 9, 2021 and was recorded on April 16, 2021. The transaction consists of 1 parcel, including the tax class unlicensed parking lot (G7). The contract date was March 1, 2021. Direct link to Acris…

Allure Group, Landpex, get $87M construction loan for 243-unit project in Gravesend

The Allure Group and Landpex Development through the entity Shore Towers Qzb LLC as borrower signed a construction loan agreement with lender Bank Leumi valued at $87.4 million for 2 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 2218 Cropsey Avenue and 2230 Cropsey Avenue in Gravesend. The deal closed on March 25, 2021 and was recorded…

Eastern Star Development gets $43M construction loan from Cathy Bank for resi in Chelsea

Anthony Hu’s Eastern Star Development through the entity HW Manhattan One LLC as borrower signed a loan agreement with lender Cathy Bank valued at $43 million for the 82-unit residential project at 300 West 30th Street in Chelsea. The deal closed on March 25, 2021 and was recorded on April 16, 2021. The property contains a total of 67,876 square feet of development space. The…

InSite gets $25.8M construction loan from Valley National for storage in Maspeth

The storage and warehouse company InSite Property Group through the entity 59-02 Borden Ave, LLC as borrower signed a new construction loan agreement with lender Valley National Bank valued at $25.8 million at 59-02 Borden Avenue in Maspeth. The deal closed on March 29, 2021 and was recorded on April 16, 2021. Home Depot bought 59-02 Borden Avenue for $63 million in 2017, then divided…

Michael B. Niamonitakis refis $19.2M with Investors Bank for rentals in Brooklyn

Michael B. Niamonitakis through the entity Benson Estates LLC as borrower signed a loan agreement with lender Investors Bank valued at $19.2 million for 8 parcels, including the tax class multifamily, over six families without stores (C1) and containing 149 residential units at 19 Parade Place, 1 Parade Place, 115 Parkside Avenue, 121 Parkside Avenue, 25 Woodruff Avenue, and others in Brooklyn. The deal closed…

Stephen Schor borrows $10.2M from New York Community for property in Flatbush

Stephen Schor through the entity 700 Bklyn Realty LLC as borrower signed a loan agreement with lender New York Community Bank valued at $10.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 66 residential units at 700 Ocean Avenue in Flatbush. The deal closed on March 24, 2021 and was recorded on April 16, 2021. The property contains…

Popular Bank sells $18M construction loan secured by Dovie Sperlin project

Dovie Sperlin borrows $0M from Harry Stein for property in Bushwick{ The entity Kingston Abcd LLC with an address of real estate investor Harry Stein, acquired a construction loan from Popular Bank secured by a property with the tax class multifamily, semi-fireproof with stores (D7) and containing 50 residential units at 666 Bushwick Avenue in Bushwick. The deal closed on March 24, 2021 and was…

Bottom Line: NYC CRE should leverage its failures

By Adam Pincus OPINION There’s an old study from the 1960s that any Psych 101 student will recall, which is that people like people more when they see their vulnerabilities. It’s been dubbed the pratfall effect. New York City’s commercial real estate industry should seize the moment and highlight it’s weaknesses, failings, shortcomings and vulnerabilities. Trip, fall, groan, then get up again with a sheepish…

15CPW unit sells for $46.7M, above 2008 price of $30.5M

The entity 15 Cpw Ph 18, LLC paid Lindsay Rosenwald’s Djddt Properties LLC $46.7 million for condo unit 1819A at 15 Central Park West in Lincoln Square. The deal closed on April 13, 2021 and was recorded on April 16, 2021. The transaction consists of 2 parcels, including the tax class residential condo in Acris (SC) and containing 2 residential units. The properties have a…

Moinian Group to up 123 Linden debt from $170M to $220M

The Moinian Group last month signed a non-binding memorandum of understanding with an unnamed lender that will refinance the $170 million AIG loan provided in 2020 and secured by 123 Linden Avenue with a new $220 million loan, according to a filing with the Tel Aviv Stock Exchange. Moinian Group signed the agreement March 24, 2021, for a seven-year, non-recourse loan. There are several conditions…

Courts roundup: Hirshmark files to foreclose on $8.75M loan; $300K sought from AB Capstone, Arch

Courts roundup for Thursday, April 15, 2021: There were no New York City real estate bankruptcies and there was one commercial foreclosure. Please note that court filings are the positions of one side of a dispute and are not necessarily accurate or complete. Hirschmark files to foreclose on $8.75M Queens loan: Lender Hirshmark Capital, which made an $8.75 million loan in August 2018, filed to…

West Village 10-unit rental sells for $6.5M, $3M lower than 2013 sale price

Theodore Shine as signatory for the entity 48 Bedford, LLC paid Beethoven Pianos’s Ken Development LLC $6.5 million for 48 Bedford Street in West Village. The deal closed on March 31, 2021 and was recorded on April 15, 2021. The transaction consists of 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 10 residential units. The property is 6,705 square feet….

City Skyline Realty pays $4.7M for 39 units in Fordham

Douglas Peterson’s City Skyline Realty through the entity 66 & 72 E 190 LLC paid Peter Kindler, Donna Jakubovitz Spector and Evan Schwartz’s 66 East 190 LLC $4.7 million for 66 East 190th Street and 72 East 190th Street in Fordham. The deal closed on April 5, 2021 and was recorded on April 15, 2021. The transaction consists of 2 parcels, including the tax class…

Reading Intl. buys $50M note on its own Union Square building from Fortress

Reading International through its subsidiary Ronwood Investments Limited in New Zealand bought a $50 million construction note secured by the tax class office building with commercial with one to six stories (O5) at 44 Union Square in Gramercy from Fortress Investment Group. The deal closed on March 25, 2021 and was recorded on April 15, 2021. The property contains a total of 70,201 square feet…

Armando Gabrielli borrows $22.4M from HSBC Bank for property in Tremont

Armando Gabrielli through the entity Gabrielli Hutchinson LLC as borrower signed a loan agreement with lender HSBC Bank valued at $22.4 million for 1 parcel, including the tax class land (V1) at 3501 Hutchinson Avenue in Tremont. The deal closed on August 24, 2020 and was recorded on April 15, 2021. The property contains a total of 37,000 square feet of built space. The last…

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