January 20, 2019

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Commercial Real Estate Transactions – The New York Times

Commercial Real Estate Transactions – The New York Times
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$12.95 MILLION

85 Pitt Street (between Rivington and Stanton Streets)

Manhattan

This six-story walk-up is available in an “opportunity zone” on the Lower East Side, which offers a potential break on capital-gains taxes. The walk-up has 21 apartments — six one-bedrooms, 13 two-bedrooms and two three-bedrooms — of which 18 are free-market and three rent-stabilized. There is a laundry room and a common backyard patio with a mural of trees and birds painted on the building. It also has three retail spaces with new floor-to-ceiling glass storefronts and updated signage. A Spanish restaurant occupies two-combined spaces, and a convenience store is in the other. The building, which offers a 4.48 percent cap rate, recently completed $800,000 in capital improvements.

Seller: 85 Pitt Street

Broker: Michael Ferrara, Brax Realty

$6.2 MILLION

18-05 Ditmars Boulevard (at Shore Boulevard)

Astoria, Queens

A real estate investment firm has bought this four-story 1927 walk-up on the northeast corner, across the street from Astoria Park to the south and the East River to the west. It has 20 rent-stabilized one-bedroom apartments of which seven are vacant and are to be renovated. Most apartments have views of either Manhattan or Astoria Park. The building, which was partly held in trust and partly as an estate, was owned by the same family for more than 50 years. The cap rate was 3.2 percent.

Buyer: Fairfield Acquisitions

Seller: Diamantoukos Estate & Trust

Broker: Steven Llorens, Douglas Elliman Real Estate

$56/SQ. FT.

$168,000 approximate annual rent

Chelsea Lofts

143 West 19th Street (between Avenue of the Americas and Seventh Avenue)

Manhattan

Asian Barn, a shop featuring furniture from China including antiques and reproductions, has signed a 10-year lease for a 3,000-square-foot ground-floor space with 15-foot ceilings, a freight elevator and a 2,500-square-foot storage basement, in the storefront in this seven-story mixed-use co-op in Chelsea. Another 10-year lease was signed for the 2,700-square-foot ground-floor space next door by the Fortitude Strength Club, doing business as the Fort, which is to train serious athletes there. The space, formerly a gym, went for $62.22 per square foot. The Fort was represented by Shai Baradarian and Tamir Baradarian of Mordel Real Estate Advisors, while Gavios Realty Group represented the landlord in both deals.

Tenant: Lin’s Interior East, doing business as Asian Barn

Tenant Broker: Margaret Royer, Gavios Realty Group

Landlord: 139 West 19th St. Co.

Landlord Broker: Aaron Gavios, Gavios Realty Group



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