July makes way for the beginning of August, and 2017 has officially made it past the middle of the summer season. Meanwhile, real estate investments and activities are heating up, especially as economic factors have been driven up to peak levels. For the month of July, here are a number of Manhattan and Brooklyn based transactions in commercial real estate that made the industry news, as featured in the New York Times:
1.) 463 Seventh Avenue (Manhattan)
Following the signing of a seven year lease contract, a company that specializes in designing women’s evening wear is moving from its previous location in 1400 Broadway to a 5,970 square foot space in 463 Seventh Avenue—also known as the Schneck Building. This building—built in 1925—has 22 floors, a lobby and five recently renovated elevators. The deal was brokered by Olmstead Properties, and the annual rent is an estimated $322,380.
2.) 369 Ocean Avenue (Prospect Park South, Brooklyn)
A local investor, M&M 369 Realty, bought a building previously owned by Goldmont Realty. GFI Realty Services brokered the deal. The four-story property is measured at 11,036 square feet, with an elevator, 16 rent-stabilized one-bedroom units and 4,500 square feet in air rights which can bring about an additional two more floors. The building is also very close to the Flatbush Avenue shopping area, much to the convenience of its tenants. The final sales price amounted to $3.95 million.
3.) 70 Dahill Road (Brooklyn)
Another private investment firm, Lourdes Realty Group, bought a six-story building in Kensington for a total of $33 million.Sentinel Real Estate Corporation was the previous owner with Rosewood Real Estate acting as the official broker. The building, which was built in 1934, contains 6 studios, 61 one-bedroom units, 26 two-bedrooms and 7 three-bedrooms—all of these measuring up to 102,000 square feet.
4.) 277 West 11th Street (Manhattan)
Finally, the month of July ends with a $20 million dollar purchase by Benchmark Real Estate, a real estate investment and management group, for a six-story walk-up located in the West Village. The 1910 property, previously owned by Ragone Real Estate, has 37 apartments included which can be broken down to 20 one-bedrooms, 13 two-bedrooms and four three-bedrooms. 19 of these rooms are also said to be rent-stabilized while 14 are at market rate and the remaining are rent-controlled.
Images from New York Times, Connect Commercial Real Estate and Adams and Company.