Recent Commercial Real Estate Transactions
October 23, 2018
FOR SALE
$5.75 MILLION
231 East 60th Street (between Second and Third Avenues)
Manhattan
This mixed-use five-story building on the Upper East Side, to be delivered vacant, has been home to the Davis & Langdale art gallery on the parlor, ground floor and lower level. Above it are three floor-through market-rate apartments. Mature trees and a fountain covered with ivy are in its 20-by-50-foot garden. The building, two doors east of Serendipity 3 restaurant and up the block from the Roosevelt Island tram, also offers 2,900 square feet in air rights.
Seller: White Whale Property
Brokers: Nicholas Judson and Stuart Ellman, Judson Realty
RECENT SALE
$10.25 MILLION
28-08 and 28-10 38th Avenue and 38-09 and 38-11 28th Street (southeast corner of 38th Avenue at 28th Street)
Long Island City, Queens
A Chinese real estate crowdfunding platform, which is also completing a nearby condominium project, has bought this five-building assemblage on the same tax lot within the Dutch Kills Special Use District. The assemblage includes a single-story warehouse at 38-09 and 38-11 28th Street on the corner; two three-story apartment buildings at 28-08 and 28-10 38th Avenue, dating to the early 1900s, with a total of four floor-through market-rate apartments and two ground-floor offices; and a metal shed behind all the buildings. The property, which went for $500,000 above the asking price, offers about 35,000 buildable square feet for residential use and 13,000 square feet for commercial use.
Buyer: iCross Fund
Seller: Munder Realty
Seller’s Brokers: Jonathan Eshaghian and Jakub Nowak, Marcus & Millichap
RECENT LEASE
$49.41/SQ. FT.
$84,000 approximate annual rent
493 Atlantic Avenue (between Nevins Street and Third Avenue)
Boerum Hill, Brooklyn
A pediatric dentist, who runs a group practice in Manhattan’s Gramercy Park neighborhood, has signed a 10-year lease for a 1,700-square-foot ground floor space, to be delivered as-is, in this three-story mixed-used building. The new office, to open early next year, is to have annual rent increases of 3 percent. The space was formerly a children’s clothing shop.
Tenant: Jeremy Dixon D.D.S. P.C.
Tenant’s Broker: Self-represented
Landlord: Edmond J. Fong
Landlord’s Broker: Chris Salizzoni