search

The Real Deal Logo

Trending

Foxtrot founder Mike LaVitola eyes brand revivalFoxtrot founder Mike LaVitola eyes brand revivalStarwood REIT quickly burning liquidity Starwood REIT quickly burning liquidity All Year goes after Yoel Goldman’s syndicatorAll Year goes after Yoel Goldman’s syndicatorPiece of Sag Harbor history put up for salePiece of Sag Harbor history put up for sale
Residential
New York

I-sales recap: Kushner sells two Lower Manhattan apartment buildings  

Dalan bought out its partner at a Murray Hill rental and a large Flushing site also traded

Nikki Kushner and 120 MacDougal Street (Kushner, Getty, Google Maps)
Nikki Kushner and 120 MacDougal Street (Kushner, Getty, Google Maps)

Kushner Companies sold two downtown apartment buildings last week as the company chips away at its Manhattan portfolio to focus more on suburban assets in Maryland, Virginia, and New Jersey, among other states.

In November, Kushner put 18 apartment buildings combining for 325 units in Lower Manhattan on the market, representing about a third of its multifamily portfolio in the borough.

Sign Up for the undefined Newsletter

The two Kushner deals were among seven commercial transactions that hit city records last week in the middle-market range, defined as between $10 million and $40 million. Below are more details on each deal, ranked by dollar amount:

  1. Daniel and Andrew Wrublin’s Dalan Management paid $34.6 million for an 85 percent stake in a Murray Hill apartment building near Grand Central Terminal, buying out its partner, Ari Shalam’s RWN Real Estate. The 14-story property at 230 East 44th Street consists of 164 units and two retail spaces. Dalan already owned the other 15 percent stake.
  2. An entity tied to F&T Group paid $32.8 million for a 155,000-square-foot parking lot at 37-01 138th Street in Flushing. The lot serves the Flushing Commons condo building, which F&T developed along with Rockefeller Group and AECOM Capital. The seller was an LLC tied to Rockefeller.
  3. Will Blodgett’s Tredway dropped $28.5 million on Sea Park North, a 122-unit elevator apartment building at 2828 West 28th Street in Coney Island. The deal was part of Tredway’s larger $150 million purchase of the three-building Sea Park rental complex from Arker Companies.
  4. Gary Barnett’s Extell Development sold a three-story commercial building at 533 West 27th Street in Chelsea to Hamptons luxury homebuilder Silvera Properties for $24.5 million. Bachelor partiers might be familiar with the building’s lone tenant: the notorious strip club Scores. Extell acquired it earlier this year as part of its takeover of investor Robert Gans’ West Side portfolio. While Silvera says it has no immediate plans for the building, principal David Silvera told The Real Deal that the site has the potential for a residential project.
  5. The first Kushner Companies sale last week was of a 25-unit walkup building in Soho for $12 million. The six-story building at 156 Sullivan Street has a gross floor area of just under 16,000 square feet. Two of the building’s three ground-floor retail spaces are leased to Brigadeiro Bakery and a nail salon. The buyer is Michael Vincour’s Building Equity Management.
  6. The other Kushner sale was of a 28-unit building in Greenwich Village for $10.7 million. The seven-floor walkup has a gross floor area of 13,600 square feet and sits at 120 MacDougal Street. Its two commercial spaces are leased to Mighty Bowl and Van Leeuwen Ice Cream. The buyer is Schuman & Associates.
  7. L+M Development Partners sold a 90-unit, six building apartment complex in Harlem for $10.1 million to Asland Capital Partners. The five-story buildings, at 203-211 West 148th Street, sit between Frederick Douglass and Adam Clayton Powell Jr. boulevards.

Read more