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Commercial Real Estate Transactions – The New York Times

$12.95 MILLION

85 Pitt Street (between Rivington and Stanton Streets)


This six-story stroll-up is offered in an “opportunity zone” on the Lower East Side, which presents a possible break on capital-good points taxes. The stroll-up has 21 flats — six one-bedrooms, 13 two-bedrooms and two three-bedrooms — of which 18 are free-market and three hire-stabilized. There is a laundry room and a typical yard patio with a mural of bushes and birds painted on the constructing. It additionally has three retail areas with new flooring-to-ceiling glass storefronts and up to date signage. A Spanish restaurant occupies two-mixed areas, and a comfort retailer is within the different. The constructing, which presents a four.48 p.c cap fee, lately accomplished $800,000 in capital enhancements.

Seller: 85 Pitt Street

Broker: Michael Ferrara, Brax Realty


18-05 Ditmars Boulevard (at Shore Boulevard)

Astoria, Queens

An actual property funding agency has purchased this 4-story 1927 stroll-up on the northeast nook, throughout the road from Astoria Park to the south and the East River to the west. It has 20 hire-stabilized one-bed room flats of which seven are vacant and are to be renovated. Most flats have views of both Manhattan or Astoria Park. The constructing, which was partly held in belief and partly as an property, was owned by the identical household for greater than 50 years. The cap fee was three.2 p.c.

Buyer: Fairfield Acquisitions

Seller: Diamantoukos Estate & Trust

Broker: Steven Llorens, Douglas Elliman Real Estate

$56/SQ. FT.

$168,000 approximate annual hire

Chelsea Lofts

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


Asian Barn, a store that includes furnishings from China together with antiques and reproductions, has signed a 10-year lease for a three,000-square-foot floor-flooring house with 15-foot ceilings, a freight elevator and a 2,500-square-foot storage basement, within the storefront on this seven-story blended-use co-op in Chelsea. Another 10-year lease was signed for the two,700-square-foot floor-flooring house subsequent door by the Fortitude Strength Club, doing enterprise because the Fort, which is to coach critical athletes there. The house, previously a health club, went for $62.22 per sq. foot. The Fort was represented by Shai Baradarian and Tamir Baradarian of Mordel Real Estate Advisors, whereas Gavios Realty Group represented the owner in each offers.

Tenant: Lin’s Interior East, doing enterprise 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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About Scott Morgan

Scott B. Morgan writes for Debt Management and Real Estate sections in AmericaRichest.

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