Commercial Real Estate
New York

Investment sales bustle in trendy Soho, Brooklyn neighborhoods

Home and office of late Richard Jenrette sells in Carnegie Hill

142 Greene Street, 959 Sterling Place, 67 & 69 East 93rd Street (Susan Penzner Real Estate, Morris Adjmi Architects, Compass)

142 Greene Street, 959 Sterling Place, 67 & 69 East 93rd Street (Susan Penzner Real Estate, Morris Adjmi Architects, Compass)

Wall Street luminary Richard Jenrette brought small-cap stocks to the masses and made a fortune, some of which he poured into real estate restoration. A vestige of his legacy showed up in one of last week’s 11 investment sales between $10 million and $40 million, as his former home and office changed hands.

The $20 million deal, for adjacent East 93rd Street properties, was among six mid-market sales in Manhattan recorded in the first week of February. Brooklyn had three, including two large residential developments, while Queens and the Bronx each had one.

Here are the details.

  1. Paul Smith Properties sold a 24,200-square-foot office building at 142 Greene Street in Soho for $39 million. The buyer was an affiliate of WhatsApp co-founder Jan Koum, according to PincusCo.
  2. The Feil Organization bought 51,500 square feet at 376 and 380 Fulton Street in Downtown Brooklyn for $33.1 million. It plans to build a 43-story, mixed-use building spanning 475,000 square feet on the same block. The seller was Feil affiliate Three Eight Fulton St.
  3. Hope Street Capital bought the ground beneath 959 Sterling Place, a 36,570-square-foot parcel in Crown Heights, for $27.9 million. The Northeastern Conference of Seventh-Day Adventists leased the Brooklyn land, where Hope Street will develop a 152-unit residential building, Yimby reported.
  4. TSG Partners bought 28,500 square feet of mixed-use property at 419, 421 and 423 Third Avenue in Kips Bay for $25 million. Michael Lamb sold the 30 units, most of which are residential.
  5. A housing preservation nonprofit created by Jenrette — who founded the investment bank Donaldson, Lufkin and Jenrette in 1959 with two partners — sold 67 and 69 East 93rd Street, adjacent townhouses spanning 11,300 square feet in Carnegie Hill, for $20 million. The buyer was Brant Industries. Jenrette, who once used the properties as his home and office, died in 2018 at age 89.

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  1. Industrial giant Prologis bought a 31 percent stake in a 196,000-square-foot parcel at 46-81 Metropolitan Avenue near Newtown Creek in Maspeth for $19.2 million. It previously purchased a controlling interest in the Queens property for $42.7 million.
  2. Office developer KPG bought a 55,000-square-foot retail building at 478 Broadway in Soho for $17.1 million. Vornado announced in August that it sold the building along with other Manhattan properties, suffering a $7 million loss on the package.
  3. Churchill Real Estate sold a 24-unit apartment building at 23 Peck Slip in South Street Seaport for $14.5 million. Reda Holdings bought the 25,900-square-foot building. In December, Reda bought a 12,600-square-foot, mixed-use building at 10 Fifth Avenue in Greenwich Village for $15 million.
  4. Hysen Mehmetaj sold a 75-unit apartment building at 1515 Grand Concourse in Concourse, the Bronx, for $14.4 million. Ben Rieder and Jonathan Weiner’s Chestnut holdings bought the 73,600-square-foot property.
  5. Nuchem Obstfeld bought a 40,000-square-foot apartment building with 25 units at 750 Grand Street in Williamsburg for $13.3 million. Fredrick Marolda was the seller, according to PincusCo.
  6. The Central African country of Gabon bought an 11,000-square-foot office building at 244 East 58th Street in Sutton Place for $10.5 million. The Tebele family was the seller. About 80 percent of Gabon’s exports are petroleum products and half of its exports go to the United States.

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Commercial Real Estate
New York

Investment sales bustle in trendy Soho, Brooklyn neighborhoods

Home and office of late Richard Jenrette sells in Carnegie Hill

142 Greene Street, 959 Sterling Place, 67 & 69 East 93rd Street (Susan Penzner Real Estate, Morris Adjmi Architects, Compass)

142 Greene Street, 959 Sterling Place, 67 & 69 East 93rd Street (Susan Penzner Real Estate, Morris Adjmi Architects, Compass)

Wall Street luminary Richard Jenrette brought small-cap stocks to the masses and made a fortune, some of which he poured into real estate restoration. A vestige of his legacy showed up in one of last week’s 11 investment sales between $10 million and $40 million, as his former home and office changed hands.

The $20 million deal, for adjacent East 93rd Street properties, was among six mid-market sales in Manhattan recorded in the first week of February. Brooklyn had three, including two large residential developments, while Queens and the Bronx each had one.

Here are the details.

  1. Paul Smith Properties sold a 24,200-square-foot office building at 142 Greene Street in Soho for $39 million. The buyer was an affiliate of WhatsApp co-founder Jan Koum, according to PincusCo.
  2. The Feil Organization bought 51,500 square feet at 376 and 380 Fulton Street in Downtown Brooklyn for $33.1 million. It plans to build a 43-story, mixed-use building spanning 475,000 square feet on the same block. The seller was Feil affiliate Three Eight Fulton St.
  3. Hope Street Capital bought the ground beneath 959 Sterling Place, a 36,570-square-foot parcel in Crown Heights, for $27.9 million. The Northeastern Conference of Seventh-Day Adventists leased the Brooklyn land, where Hope Street will develop a 152-unit residential building, Yimby reported.
  4. TSG Partners bought 28,500 square feet of mixed-use property at 419, 421 and 423 Third Avenue in Kips Bay for $25 million. Michael Lamb sold the 30 units, most of which are residential.
  5. A housing preservation nonprofit created by Jenrette — who founded the investment bank Donaldson, Lufkin and Jenrette in 1959 with two partners — sold 67 and 69 East 93rd Street, adjacent townhouses spanning 11,300 square feet in Carnegie Hill, for $20 million. The buyer was Brant Industries. Jenrette, who once used the properties as his home and office, died in 2018 at age 89.

Read more

  1. Industrial giant Prologis bought a 31 percent stake in a 196,000-square-foot parcel at 46-81 Metropolitan Avenue near Newtown Creek in Maspeth for $19.2 million. It previously purchased a controlling interest in the Queens property for $42.7 million.
  2. Office developer KPG bought a 55,000-square-foot retail building at 478 Broadway in Soho for $17.1 million. Vornado announced in August that it sold the building along with other Manhattan properties, suffering a $7 million loss on the package.
  3. Churchill Real Estate sold a 24-unit apartment building at 23 Peck Slip in South Street Seaport for $14.5 million. Reda Holdings bought the 25,900-square-foot building. In December, Reda bought a 12,600-square-foot, mixed-use building at 10 Fifth Avenue in Greenwich Village for $15 million.
  4. Hysen Mehmetaj sold a 75-unit apartment building at 1515 Grand Concourse in Concourse, the Bronx, for $14.4 million. Ben Rieder and Jonathan Weiner’s Chestnut holdings bought the 73,600-square-foot property.
  5. Nuchem Obstfeld bought a 40,000-square-foot apartment building with 25 units at 750 Grand Street in Williamsburg for $13.3 million. Fredrick Marolda was the seller, according to PincusCo.
  6. The Central African country of Gabon bought an 11,000-square-foot office building at 244 East 58th Street in Sutton Place for $10.5 million. The Tebele family was the seller. About 80 percent of Gabon’s exports are petroleum products and half of its exports go to the United States.

COMPANIES AND PEOPLE

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