Recent Commercial Real Estate Transactions
Featuring Dominic Coluccio and Danielle Nazinitsky's listing at 243 Mulberry Street, Soho:
RECENT SALE
$33 MILLION
70 Dahill Road (between 12th Avenue and Tehama Street)
Kensington, Brooklyn
A private investor has bought this 1934 six-story elevator building, totaling 102,000 square feet, with 100 apartments — six studios, 61 one-bedrooms, 26 two-bedrooms and seven three-bedrooms. Tenant storage units generate additional income. The building, right, sold for 18.5 times the rent roll and offers a cap rate of 3.7 percent.
Buyer: Lourdes Realty Group L.L.C.
Seller: Sentinel Real Estate Corporation
Broker: Aaron Jungreis, Rosewood Real Estate Group
RECENT LEASE
$176.50/SQ. FT.
$150,000 approximate annual rent
243 Mulberry Street (between Spring and Prince Streets)
Manhattan
Trippen, a Berlin-based footwear company focusing on sustainable materials including algae-based dyes, has signed a 10-year lease for an 850-square-foot flagship store with 14 feet of frontage on the ground floor of this five-story NoLIta co-op, a walk-up built around 1880. The shop is to open this fall.
Tenant: Trippen
Tenant’s Broker: Grace DeLibero, citygrace
Landlord: 243F Mulberry Street Cooperative
Landlord’s Brokers: Dominic Coluccio and Danielle Nazinitsky, the Corcoran Group
FOR SALE
$40.5 MILLION
244 and 246-248 10th Avenue (between West 24th and West 25th Streets)
Manhattan
These contiguous mixed-use five-story walk-ups, across from Avenues: The World School in West Chelsea and the High Line, may be bought together or separately, with a cap rate of about 4 percent. Together they add up to 25,817 square feet and offer 75 feet of frontage. No. 244, at $12.5 million, has 6,096 square feet and was recently gut-renovated. It has eight market-rate apartments and Paradise Market Place occupies the retail space. Nos. 246-248, at $28 million, total 19,721 square feet, and offer 15 apartments — 13 market-rate, one rent-stabilized and one rent-controlled. Bottino, a Tuscan restaurant, has been a tenant since 1996 and this year signed a new 15-year lease.
Sellers: 244 Tenth Avenue Realty and 5002 Second Avenue L.L.C.
Brokers: Brock Emmetsberger, Billy Simons and Hall Oster and Teddy Galligan, Cushman & Wakefield
Copyright © 2017 The New York Times Company. Reprinted with Permission. Andrea Mohin/The New York Times.